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re: How did you save up for your first home down payment?
Posted on 5/22/17 at 8:45 am to SpanishFortTiger
Posted on 5/22/17 at 8:45 am to SpanishFortTiger
Work and save for 2 years. Conventional loan 5% down. Having no student loans or car loan helped..
This post was edited on 5/22/17 at 8:48 am
0
Posted on 5/22/17 at 8:51 am to kciDAtaE
quote:
1st time homeowner program for me. Nothing down and the government gave me a grant which covered all closing cost. I paid zero out of pocket to buy a house and my monthly mortgage was less then my rent at the time.
Pretty much the same for me except I didn't get a grant from the government. I had equity going into the property so I rolled my closing cost into the loan. I also walked in paying zero out of pocket expenses for my first home. I purchased my first home in 2005 for $92,000. It was a small modest 1,250 sq ft 3 bed/2 bath home. Probably the best move I ever made in my late 20's.
Posted on 5/22/17 at 8:56 am to Hammond Tiger Fan
quote:
I also walked in paying zero out of pocket expenses for my first home. I purchased my first home in 2005 for $92,000. It was a small modest 1,250 sq ft 3 bed/2 bath home. Probably the best move I ever made in my late 20's.
Same exact scenario for me. 2005 for $97,000 in Cedarcrest area. About the same size when I was 26. It was pre-Katrina and sold it 6 years later for a $37,000 profit. I did update a good bit over the years.
Posted on 5/22/17 at 9:04 am to SpanishFortTiger
I was house dad for a fraternity at LSU for a year. They paid all my bills and I worked 50hrs a week and saved it all. Was able to save for 20% down on my home in less than a year.
Posted on 5/22/17 at 10:12 am to SpanishFortTiger
We put 5% down and got a conventional (no PMI loan) with a modestly higher interest rate. Could have saved another two years to get to 20% cash but decided it was not worth it.
Posted on 5/22/17 at 10:25 am to SpanishFortTiger
Graduated college with no debt. Allowed me to start putting more towards savings at my first job. Got married and didn't spend a dime of my wife's income for the first year. That quickly allowed us to put down 20% on our first home.
Posted on 5/22/17 at 10:38 am to SpanishFortTiger
i just put money in savings every month after my expenses were paid.
Posted on 5/22/17 at 10:39 am to SpanishFortTiger
Bought new construction home in Katy. Was an "inventory" house - the guy who it was built for backed out. It was December, they were wanting to clear the books for the new year.
The company selling it paid every dime of my closing costs, prepaids, even bought down the interest rate. We used a FHA loan and put down 3 percent down payment.
This was back in 2005 when lending standards were pretty much a joke =)
The company selling it paid every dime of my closing costs, prepaids, even bought down the interest rate. We used a FHA loan and put down 3 percent down payment.
This was back in 2005 when lending standards were pretty much a joke =)
Posted on 5/22/17 at 10:58 am to LSUFanHouston
I thought back in 2005 you didn't need to put down a single penny?
Posted on 5/22/17 at 1:05 pm to Rougaroux
quote:
The first home I purchased was with a rural development loan
How did you find areas that were eligible for this? I'm interested in hearing more - although the maps I've seen around DFW would have me living wayyy out in the boonies.
Posted on 5/22/17 at 1:53 pm to tlsu15
quote:
How did you find areas that were eligible for this? I'm interested in hearing more - although the maps I've seen around DFW would have me living wayyy out in the boonies.
Because that's the only place the gov defines as rural now. The suburbs extend far out now.
Posted on 5/22/17 at 2:21 pm to 50_Tiger
quote:
The suburbs extend far out now.
I feel like this problem is even more exaggerated in Dallas with the northern suburbs basically being their own cities and also the suburbs of Fort Worth all running into each other.
Posted on 5/22/17 at 2:25 pm to tlsu15
Correct. Places like Saginaw and Argyle once were nothing and now growing.
Posted on 5/22/17 at 10:33 pm to 50_Tiger
Another note to my previous couple bullets: I bought a home I could afford instead of the dream house
Posted on 5/22/17 at 11:10 pm to bobaftt1212
quote:
I did FHA with 3.5% down which at the time was only like 4k at closing.
Same here
Posted on 5/23/17 at 1:14 pm to SpanishFortTiger
(no message)
This post was edited on 6/25/17 at 7:15 pm
Posted on 5/23/17 at 1:17 pm to SpanishFortTiger
Spent less money than I made. But that is a tad generic....
* Kept my spending the same as my income went up
* Didn't buy a new car when I got my first good job
* Paid myself first
* DIdn't have kids
* Kept my spending the same as my income went up
* Didn't buy a new car when I got my first good job
* Paid myself first
* DIdn't have kids
Posted on 5/23/17 at 5:27 pm to Hawkeye95
Thank you for the responses, obviously living beneath your means and saving are all vital to saving for this type of investment. My son is utilizing a 1.45% demand note account to stock his savings until he purchases a home with 20% down (wants to avoid PMI).
Posted on 5/23/17 at 5:53 pm to SpanishFortTiger
Lived like a Spartan and saved my $$$. Didn't have a fancy inheritance to rely on.
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