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Questions tagged [down-payment]

to be used for question that related to initial upfront payment made for aquiring an asset [typically used in context of Car or House] while the balance is funded as loan.

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20
votes
4answers
3k views

Is it better to use a 401k loan to make a down payment or to put less than 20% down?

I'm about to buy a house and am considering two options: Make a 12% down payment and pay for mortgage insurance Take out a 401k loan and make a 20% down payment I'm having a hard time finding ...
18
votes
8answers
7k views

60% Downpayment on house?

My fiancee and I are shopping for a house, and very fortunate to have the assets to allow us to make a healthy downpayment. We both like the idea of a lower monthly mortgage payment, specifically the ...
12
votes
2answers
4k views

A good investment vehicle for saving for a mortgage down payment?

I've calculated that I will be able to save approximately enough for a 20-25% down payment on a home (at my back-end-ratio affordability level) in the next 2-3 years. I'm maxing out contributions to ...
9
votes
3answers
747 views

Saving for a down payment on a new house, a few years out. Where do we put our money next?

We currently have two rewards checking accounts. We are nearing the maximums permitted on each account, after which we receive .5% and .25% APY. It's within our means to perhaps open another one, ...
5
votes
2answers
824 views

Do jumbo loan limits apply to the amount borrowed or to the property price? Can I avoid a jumbo with a higher down payment?

I live in an area of the United States where it would be very difficult to get a home for less than the $417,000 conforming loan limit. Unfortunately, jumbo loans seem to have a hard 20% downpayment ...
28
votes
7answers
17k views

Should I pay more than 20% down on a home?

I'm starting to consider buying a home in a year or three. I'll have a lot of money available at that time -- perhaps enough to do more than the standard 20% down payment. I might be able to manage ...
19
votes
8answers
7k views

Should I wait until I have a 20% down payment to buy a home?

With an FHA loan that only requires a 3.5% down payment, I'm able to buy a home right now and comfortably afford the monthly payments. However, I know that means I'll pay PMI and more interest over ...
16
votes
4answers
10k views

Will our hefty student loans affect our chances of getting a mortgage?

My husband and I live simply but we're content. I'm an avid budgeter and love finding ways to be frugal. My dilemma right now is that we've been able to keep our living expenses below what we make, ...
5
votes
1answer
2k views

First Time Home Buyer - How much down payment? Where to go for Mortgage?

I'm currently spending $15,000 a year in rent and gaining nothing in equity! This needs to change :). Looking to buy a place, I'm in the DC area so it'll be in the $500,000 price range. I have just ...
6
votes
4answers
3k views

Should I wait to save up 20% downpayment on a 500k condo?

Proper 2BRs start at $500k in our neighborhood. We're looking at buying, but I'm leery of the $100k downpayment. It would reduce our savings to 50k liquid and 75k in retirement. I can easily ...
4
votes
2answers
2k views

First Time Home Buyers - Down Payment, PMI and Points

My wife and I are looking to buy our first home in the next couple months and wanted to get an idea of what we are looking at. Right now we have about 80k saved up and want to put 10% down on a home ...
10
votes
4answers
1k views

I'm 20 and starting to build up for my mortgage downpayment, where should I put my money for optimal growth?

I have no credit, no loans, and am a contractor for $40/hr at a company and I expect to work here for quite a while (job security should be above average). Every week, I allocate $300 to my Mortgage ...
9
votes
3answers
7k views

How to get a down payment for your next home? Use current home as the down payment on the new one?

I bought my first home last year; it's my primary (and only) residence. I intend to pay off the mortgage in 5 or 10 years, then sell the house and buy a bigger one. The new one would cost 2 to 3 times ...
8
votes
5answers
1k views

More money towards down payment versus long-term investments

Background: I am married with no kids (but anticipating them at some point) and no debt at all. My spouse and I have an emergency fund, both fully fund our retirement accounts, and are also keenly ...
8
votes
9answers
17k views

New to investing — I have $20,000 cash saved, what should I do with it?

maybe someone can lend some advice. Background: I'm 28, married, and expecting my first child. Our short(ish)-term financial goal is to continue saving for a home. I'm wondering if I should take ...
6
votes
4answers
907 views

Where should I place money I'm saving for a home downpayment?

Roth IRAs allow distributions of up to 10k for "first time home buyers," after they've been open for five years. If you knew you were going to use the money for a downpayment in five years or less, it ...
3
votes
2answers
2k views

Mortgage points vs. down payment: How should I look at the break even point?

Some relevant questions are here: What are points on a mortgage? Should I pay points on my mortgage? First Time Home Buyers - Down Payment, PMI and Points I am aware that most people look at the ...
3
votes
3answers
4k views

Can my rent to own equity be used as a downpayment?

Here is my scenario. Homeowner wants $296,000 Will give me letter stating that I have 20% down payment as a result of rent payments being applied toward purchase price. My question is...does the ...