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Message
re: House = (x)household income
Posted on 8/10/15 at 5:19 pm to dragginass
Posted on 8/10/15 at 5:19 pm to dragginass
I don't think 20% down is very common anymore
3
Posted on 8/10/15 at 5:30 pm to yellowfin
I have no idea what the percentages are. I assume you are saying most people put down less? I won't consider anything I can't put 20% down on comfortably.
Posted on 8/10/15 at 5:40 pm to yellowfin
quote:
I don't think 20% down is very common anymore
I'd agree for some markets for sure. Plus some probably shouldn't when you consider rates as low as they were with rising home values. Might be better off buying with less down to take advantage of price and rate. Would take a long time to buy a 400k house coming off professional school.
I think we bought at 5% down.
As someone mentioned, having a wife who works is pretty helpful. House Uptown mortgage was 1.87 at purchase in May 2014. Changing just salary is 1.74 now and should be 1.5 something end of this year.
This post was edited on 8/10/15 at 6:31 pm
Posted on 8/10/15 at 7:11 pm to yellowfin
quote:
I don't think 20% down is very common anymore
0% down oh yeah.
...
Wife and I are house purchase/gross income = 2.1 . we tend to do okay and are comfortable. It's a 7/ 1 ARM on a 30yr payment plan. We will be out of the house in another 4 years. Probably bought a little too much house, but my income will triple+ in 4 years and the house is a easy resell. We are spending less on the house now than we did on rent living in Nola.
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