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Feb 8, 2016
2:05:13pm

StapleGun All-American

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This message has been modified

Originally posted on Feb 8, 2016 at 2:05:13pm

Message modified by StapleGun on Feb 8, 2016 at 2:05:43pm

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StapleGun

Bio page: StapleGun
Joined: Mar 4, 2005
Last login: May 4, 2024
Total posts: 4,684 (0 FO)

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Messages

Author

Time

How much should you have saved before buying a house?

buckeyecougarguy

2/8/16 1:31pm

With interest rates as low a they are, as soon as you have the minimum down

2/8/16 1:32pm

I guess my question would be if you really need a house that size?

P-Boy Squad

2/8/16 1:35pm

Remember with a house, there will usually be a lot of unexpected costs.

crack

2/8/16 1:36pm

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StapleGun

2/8/16 1:37pm

I agree that is ideal, but

JKLCoug

2/8/16 1:42pm

I think more important than the down payment is the impact on monthly cash flow

workindev

2/8/16 1:41pm

One Million Dollars!!!

Cougarrrs

2/8/16 1:38pm

3.5% is usually the lowest down payment with an FHA loan

workindev

2/8/16 1:38pm

20% down + 6-12 months of emergency cash.

StapleGun

2/8/16 1:39pm

LOL

Mayor of Cougartown

2/8/16 1:42pm

I know. Hysterical.

StapleGun

2/8/16 2:13pm

I agree that is ideal, but

JKLCoug

2/8/16 1:43pm

That may be the Dave Ramsey way, but it's by no means the best way

workindev

2/8/16 1:49pm

Wrong. The Dave Ramsey way is to put 100% down.

StapleGun

2/8/16 2:06pm

Someone has been reading a little too much dave ramsey. That might work in

Cougarrrs

2/8/16 1:52pm

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StapleGun

2/8/16 2:05pm

If I would have waited for this I would have lost

JOPE

2/8/16 1:57pm

put down the minimum. if you aren't going to get to 20% there is no advantage to putting down more than

HarlemCoug

2/8/16 1:46pm

This is good advice. Remember the more cash you put down, the more you have tied

workindev

2/8/16 1:53pm

Wouldn't a 5-7 year mortgage make your payments insane?

cougarnerd

2/8/16 2:21pm

it's an industry term meaning that the rate is fixed for 5 or 7 yrs - then it resets to a new rate - but has a

HarlemCoug

2/8/16 2:29pm

First, reevaluate the cost of your home. Do you need a 400k home?

Baron

2/8/16 1:47pm

depends upon where he lives. In some areas that would be a shack

Nat Gas Man

2/8/16 1:53pm

That is why he should reevaluate. If he would have said 200k, I would

Baron

2/8/16 1:59pm

Western washington is a little different ballgame than Utah and the east. I'm

buckeyecougarguy

2/8/16 2:54pm

Are you picking 400 because it is the home you want or because it is the right

Baron

2/8/16 5:14pm

Its a valid question. Would it stretch me more than I am stretched now? Yes. but

buckeyecougarguy

2/8/16 5:29pm

I can't speak to your specific situation but if you are going over

Baron

2/8/16 7:59pm

Be careful about being house poor for your first house. Start smaller if you

workindev

2/8/16 8:09pm

Just a little on this

bluebloodedcoug

2/8/16 1:51pm

We put 5% down on our first home, lived in it for 2 years and sold it to move

PharmD

2/8/16 2:05pm

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