Comments on: How Far Down Can My Savings Go for a Down Payment? http://www.biggerpockets.com/renewsblog/2009/01/13/savings-payment/ Learn, Network, Invest Tue, 24 Nov 2009 06:18:45 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: Diane Menke http://www.biggerpockets.com/renewsblog/2009/01/13/savings-payment/comment-page-1/#comment-63251 Diane Menke Thu, 15 Jan 2009 22:58:25 +0000 http://www.biggerpockets.com/renewsblog/?p=3484#comment-63251 Hey Meghan What happened to 15 - 20% equity and not spending more than 30% of your monthly income on housing? Why is everyone pussyfooting around the purchase of their first home? When I bought my first house, I took on any weekend work or odd jobs to get my 10K "in money" together. This was in addition to my regular job. It took me a few months to get the cash together. It was hard. But it was so worth it. Your first home is not going to be perfect. You can't afford perfect. But you can afford a decent house somewhere. My first house was not perfect. It was decent in an upcoming neighborhood with some really nice neighbors and some soon to be evicted bad ones. That house made it possible for me to get into real estate investing. I LOVE that house. Go shopping! Get a PT job. Good luck. Diane Hey Meghan

What happened to 15 – 20% equity and not spending more than 30% of your monthly income on housing?

Why is everyone pussyfooting around the purchase of their first home?

When I bought my first house, I took on any weekend work or odd jobs to get my 10K “in money” together. This was in addition to my regular job. It took me a few months to get the cash together. It was hard. But it was so worth it.

Your first home is not going to be perfect. You can’t afford perfect. But you can afford a decent house somewhere.

My first house was not perfect. It was decent in an upcoming neighborhood with some really nice neighbors and some soon to be evicted bad ones. That house made it possible for me to get into real estate investing. I LOVE that house.

Go shopping! Get a PT job. Good luck.

Diane

]]> By: FSBOJane http://www.biggerpockets.com/renewsblog/2009/01/13/savings-payment/comment-page-1/#comment-63249 FSBOJane Thu, 15 Jan 2009 22:21:55 +0000 http://www.biggerpockets.com/renewsblog/?p=3484#comment-63249 Interesting post, and great point about needing to have a separate ER fund, in addition to a down-payment fund. One question I had was about the $5K downpayment. Am I the only one who thinks that's awfully low for a $150K home? What happened to the days of putting 20% down? I don't mean to rain on anyone's parade (and maybe I'm missing something!), but the idea that putting a tiny percentage down = buying a house is kind of where things started to go wrong in this market in the first place. <abbr><em>FSBOJane’s last blog post: <a href="http://www.fsbojane.com/?p=303" rel="nofollow">Truth about Trulia!</a></em></abbr> Interesting post, and great point about needing to have a separate ER fund, in addition to a down-payment fund.

One question I had was about the $5K downpayment. Am I the only one who thinks that’s awfully low for a $150K home? What happened to the days of putting 20% down?

I don’t mean to rain on anyone’s parade (and maybe I’m missing something!), but the idea that putting a tiny percentage down = buying a house is kind of where things started to go wrong in this market in the first place.

FSBOJane’s last blog post: Truth about Trulia!

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