Housing

50k down payment 550 house now? Or 100k down next year?

Capital One / EngZY527&)@(
Dec 5

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

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  • Microsoft do_needful
    Wait for a year. Housing market will crash and for $100k you'll buy a neighborhood with all people living there.
    Dec 50
  • McAfee JohnMcPee
    Living in the Bay Area, when I look at posts with these down payments, I shed a tear.
    Dec 56
    • Credit Karma Dbhcuvksnn
      His 2.2k rent isn’t terribly low
      Dec 5
    • Capital One / EngCkticr5&dc
      I dont go out or travel much
      Dec 5
    • Credit Karma Dbhcuvksnn
      If you’re swe, don’t tie yourself down to northern va. Get a job at a tech company in nyc or sf.
      Dec 5
    • Microsoft IcM_Alert
      Washington is the same maybe 15% higher.
      Dec 5
    • New mdGG61
      Why don't you move then? McAfee is not this dream of a company, is it?
      Dec 5
    • New vpkf84
      Why move? Sf is hella expensive. NY too. Sure, they generally pay better, but prob not worth it.

      Or you do what I do. Find SF company, then do remote.
      Dec 6
  • Hitachi Vantara kwit
    Housing in the future is never a guarantee. Buy now.
    Dec 50
  • CareOregon / EngFace book
    Wait till next summer, market is a little unstable.
    Dec 51
    • Apple yEdW78
      Terrible advice
      So let it become stable in summer so that everyone is again and in market
      Dec 5
  • Walmart.com G8£r4d
    I can lend you 50k, buy now
    Dec 51
  • Amazon / EngIAmJob
    You can buy how real estate investors buy. Look for a fixer upper and under bid. Buy at a 20% or higher discount . Get a 203k loan - that will bake the rehab into the loan. If the market dips, you will be better insulated.
    Dec 50
  • Amazon / EngIAmJob
    Where
    Dec 51
  • Now.
    Dec 50
  • 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 👍
    Dec 60
  • Intel Roggik
    The target should be 20% down payment so you don’t need to pay mortgage insurance.
    Dec 60
  • Apple CMDK22
    Buy a smaller house dude you can’t afford that
    Dec 60
  • Northrop Grumman / Eng(Ω,A,μ)
    Wait for the 20% Don't burden yourself with that interest, and it will allow you to save more per month in next year.
    Dec 60
  • Microsoft gfba68
    It's all about cash flow. Could you easily afford the PITI + maintenance with $50k down? The only thing 20% down gets you is avoiding PMI, but it's not really all that expensive anyway.
    Dec 50
  • SpaceX uevh5
    20% 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.
    Dec 50
  • Hero Digital / DesignByeFelicia
    20% of the value of the house is minimum for down payment.
    Dec 50
  • Microsoft 80004003
    Buy now with heloc if you can afford it. This will ensure you have 20% down
    Dec 50

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