Best Answer: To all those people that tell you 20% or more, the are full of crap. Even if you put down 50%, you may not be able to afford the monthly payments. What is the MOST important thing is to be able to afford the monthly payments. I highly recommend not spending more then 28% of your gross monthly.
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Set up an automatic transfer into a savings account designated for your down payment so it grows without much effort. If you want to buy a house sooner, especially in a less competitive area, there.
There are ways to get a mortgage with a low or no down payment, with obvious advantages – and disadvantages, too. Compare lenders who make it an option.. it’s best to wait on buying a house.
If the down payment is your yearly salary, then the cost of the house is 5 times your yearly salary. To be perfectly honest, I wouldn’t buy under those conditions unless home ownership was important to me. As for the location of the investments, you might try I-Bonds or bonds with a maturity.
– A down payment is the cash you pay upfront to buy a house. It’s your stake in the ground, your first leap into homeownership, and your chance to trim how much. 16 cities where it’s more affordable to rent than to own – . % of income if you put down a 20% down payment.
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While there are a lot of benefits to a larger down payment, don’t sacrifice your emergency. Of course, there is one best time to pounce: When you find the perfect house in the perfect place for.
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But by creating a home-buying timeline before you start looking at homes, you'll. Lenders expect you to come up with at least some down payment to prove that. mortgage lenders recommend that your total monthly debts,