Originally posted by: crystal
You and her got 401K plans at work? I know some plans let you withdraw upto 10k without penalty for first-time home buyer's down payment. I know you should not pull fund from your retirement for stuffs, but it might help cut down the PMI.
Originally posted by: XMan
Originally posted by: nweaver
You all are crazy....
I got into (my second) home with nothing down, and a decent interest rate. The kicker is that I waited (it's been about 2 years) and got a home for about 75% appraisal, so that even if the market tanks 20% I'm fine. I don't have a huge house, or even a very fancy house, but it's plenty for me, the wife, and 2 kids (7 and 2) at 1400 SF. It also cost me a couple days time, and $56 to heat my house ALL WINTER LONG. Not too shabby
OP, they are right, depending on the market in the area, it's headed down, and down hard. If you can wait it out a while, it will benefit you in the long run. I grew up in an oil town, and when the oil stopped (around early 80's) that town nearly died. The bank wouldn't let you default, because there was nobody to sell the house to at ANY cost. People were moving and mailing their keys to the bank. The oil stuff picked up, and now homes are at LEAST 30% over priced there. It's practically a waiting list to get on a waiting list to MAKE an offer on a home that is sold the day it's on the market there. Of course, give it about 2 more years, and there will be more cheap housing then you can shake a stick at there.....
Bottom line, look at what happened in the area 30 years ago, 20 years ago, and 10 years ago. If they didn't take a big hit in the late 70's/early 80's, and you have good industry there (i.e. jobs won't dry up) then it might be worth it now, but likely not.
I don't know if prices will be going down in our area or not, there is a new Honda plant going in as well as a bunch of other associated business development.
We have decided that we're going to try and get something a bit more reasonably priced (we're looking at a 3 BR, 1.5BA on 1.5 acres for 100K right now), pay extra on the mortgage to build equity faster, and trade up in 7-8 years.
Originally posted by: alkemyst
Originally posted by: sdifox
I refused to buy a house until I got 30% down. No amount of B&W got me off that target.
How much was 30%?
30% of a modest $50-75k place is a world different than popping down 30% on a $600k+ house.
Originally posted by: Garet Jax
You missed a lot of appreciation and mortgage interest that you would have made to got with a much smaller down payment + plus you wasted a lot of money on rent. Triple wammy in my books...Originally posted by: sdifox
I refused to buy a house until I got 30% down. No amount of B&W got me off that target.
Originally posted by: Rogodin2
Cheap ass stick build homes on .5 acres for $600000 is a fvucking joke.
That's part othe problem, the major one is that your dollar even here is starting to loose its value-unless you buy just before a region goes nuclear-which is what I'm doing.
Rogo
Originally posted by: LS20
have you suggested she pawn off her 15,000$ diamond ring?