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Feb 8, 2016
1:49
:24
pm
workindev
All-American
That may be the Dave Ramsey way, but it's by no means the best way
There are many situations where it makes sense to buy a home without a massive down payment or pile of emergency cash.
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workindev
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Skeptical Optimist
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workindev
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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
Hoosier Cougar
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
<< Deleted >>
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
<< Deleted >>
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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