Just out of general interest:
1) How much savings did you have
2) was it with a partner
3) How much deposit did you put down
4) what was your combined earnings
5) Which year was it
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Just out of general interest:
1) How much savings did you have
2) was it with a partner
3) How much deposit did you put down
4) what was your combined earnings
5) Which year was it
6 Comments
1) £10,000
2) On my own
3) £7000
4) I bought on my own earning £14,500 annually.
5) 2007
The house was £65,500, I borrowed £58,500
I paid a deposit of just over 10%.
Before ask why so cheap, it was built in 1920 (roughly), a 2 bedroom terraced house in South Wales, and is smaller than the avergage sized terraced house in the street.
Too many nosey questions here
roughly you will need at least 10% of the purchase price
it is all very variable, though,and will depend on how long you have been saving, and who your mortgage provider is
Are you employed, are you self employed and how long you have been
working and what kind of risk you are
Also ,whether the house is new, or very old will all come into the final equation
we purchased our home in 2003 for no money down and no pmi at 6.12%. we really got lucky with this loan. my husband and i had no savings and a1 year old son, and we wanted to stop renting and own a home. all banks said no but we went through a mortgage broker and our loan was funded by fannie mae but sinch has been sold several times. anyway we really got a deal with this loan and i thank god everyday. if not we would still be renting an apartment.
I was very very lucky in the fact that I was able to purchase my council house.
The discounted price I was able to buy the house for meant that a deposit wasnt needed. And what is really weird is that the mortgage turned out to be approx. £150 per month less than my rent…..
I find it really depressing when I think of what the younger generations can now expect to afford. Real shame.
xx
if you do a FHA loan, you MUST have 3% of your own money for the downpayment (3.5% AFTER 1/1/09). Plus closing of 3% (but the seller can pay this).
Lenders like to see a couple months of the mortgage payment in the bank. I recommend having at least 3 months of the payments in the bank.
Actually you should be saving at least 10% of your gross income per month. If you are doing this, you are spending too much.
In regards to the other questions, it doesn’t matter. We are talking about what YOU can afford.
I would say that I wouldn’t by real estate with anyone BUT a wife or husband.
I remember we came up with 20% down. We had to because I DID NOT want to pay PMI (mortgage insurance – which is costly).
It was rough because I also needed money to move and I did not want to touch at least 2 months salary.
I did it right. I did it the way everyone should do it. Our first house was 800 square feet. But we built equity. We both had degrees and family could not understand why we lived in such horrific conditions. Someday, when we live in a 8,000 square foot home that we paid for in cash they will understand.
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