My boyfriend (soon to be husband) and I would really like to move into a house and out of our apartment as soon as possible. He recently started a new job, which is finally allowing us to save money at a reasonable rate. We are expecting it to take a few years to build up an emergency fund and down payment. I knew that the suggested 20% down payment that a lot of real estate calculations show is the ideal scenario, but I still assumed that we’d have to put down 10-15% minimum. Then my friend told me that he put $5k down on his $100k house, and 5% is way less and way more reasonable than I thought. I also learned there are 0% down options, but those may not be the best.
Before I call the bank to discuss this with them, I wanted some other opinions: What is a reasonable percentage? What did you put down? Were there any consequences to how much you decided to put down?
For context: We live in a small urban area of Ohio with a relatively low cost of living. Our absolute maximum on a house would probably be around $150k, though we will probably be able to get what we’re looking for at around $90-130k.
Submitted January 11, 2018 at 10:25AM by lumabugg http://ift.tt/2muhtCP
