50k down payment 550 house now? Or 100k down next year?
Am super confused..as you saw in title i am planning to get town house for my big family..and just start to learning about real state and purchasing home process and need your opinion:)
Current rent 2200 | Saved for Down payment :50k
Or wait for a year til my lease end and double my saving for Down payment
Northern Virginia Area
- Microsoft do_needfulWait for a year. Housing market will crash and for $100k you'll buy a neighborhood with all people living there.
- McAfee JohnMcPeeLiving in the Bay Area, when I look at posts with these down payments, I shed a tear.
- Campaign Monitor An0nym0us!20% is not mandatory to buy a house. In this calm market you have as good of a chance to buy with 10% down. It’s 80/10/10 where 80 is loan , 10 is down payment and 10 is home equity loan at a higher interest rate.
This works awesome and a lot of my friends have done this way. Besides like you said you can finish the heloc loan in a year by paying it aggressively. This way you are still getting the lower interest rates before feds increase more and you get the home plus it’s an awesome calm time to buy house.
Like others said, underbid on houses that are on market for a while and there are high chances your offer will get accepted. Good luck 👍
- SpaceX uevh520% has only two advantages - makes your offer more acceptable (in case of multiple offers) and eliminates the chances of a mortgage insurance. You may be able to find a loan without a mortgage insurance with only 10% down, but even if you cannot any qualified mortgage specialist can do the necessary HELOC tricks to bring your down payment to 20% if that's critical.