First time home buyers!!! How much did you and SO have saved before buying FIRST Home?

Question

Answer

20% down in our area is a minimum of $100k

Answer

Right now we have saved up 25,000 we have been saving up for almost 3 years we are just looking to purchase land and build our own home.

Answer

The state of California accepts a minimum of 3.5% dp for conventional buyers and some FHA buyers. VA loans allow you to purchase a home with 0% dp, guidelines to qualify for this loan is a minimum of 2 years active duty or service completed. Rates vary by many factors but for now we are looking at ranfe of 3.8% as the new norm in Southern California.

Answer

We put 40K down which was 20% to avoid paying PMI insurance. I wouldn’t buy a house until I could put 20% down

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I had almost $40k in savings before we bought our home last month

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First home zero down. Had about 10k for closing costs, moving expenses etc. 
Second home. 5% down. Between the down payment and closing costs etc we had about 26 k . We asked for buyers to give us some money back for closing costs.

Answer

Literally like $4000 for closing costs and that’s it. We didn’t go through a bank. The woman who sold us our home owned it. She didn’t have a mortgage. So we all just went to a lawyers office and they drew up a contract and we pay to her every month.

Answer

Me and my boyfriend have saved up 90,000 for a deposit and we still can’t afford to buy an apartment 😩

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We had enough for the down payment as well as the first years worth of mortgage payments saved up in case anything went wrong with his job.

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We paid cash.

First time home buyers!!! How much did you and SO have saved before buying FIRST Home?

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