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Originally Posted by wouql
I'm 22, and I have no plans to buy a place of my own any time soon (matter of fact, I just re-upped for another year at my apartment).
But I'm realizing how long it's going to take to get a down payment for even a small house. I'm wondering if it's something to do before I'm even aware I'm buying a house. So I wanted to ask how people got the money they used.
When did you start saving for a down payment? How long did it take you to save it all? Did you borrow any from relatives? Finally, what %age did you put down?
Thanks in advance,
wouql
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My husband and I (fiancee at the time) sat down and figured out the maximum we could each save each month, and then we did it. We were both teachers at the time, and we saved a 5% down payment. I think we saved for a year and a half - hard to remember now. When we bought in 1997 we had an 80% 30-year first and a 15% 15-year second, avoiding PMI in the process. Since then we have refinanced to a 20-year fixed loan with about 17 years left to go.