can anyone afford to put down 20%? - Saab General Bulletin Board - Saabnet.com
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can anyone afford to put down 20%?
Posted by Bob M [Email] (more from Bob M) on Thu, 20 Oct 2005 17:12:51
In Reply to: LTV is the key, Geoff, Thu, 20 Oct 2005 15:46:21
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especially those of us first time buyers? It killed me to save $17,500, and that was only FIVE percent down on my house, which is really a starter home. (That's with living with a friend and paying almost no rent; if I had to rent a normal place, it would've taken me years.) There's no way I could've put down another 52,500. By the time I saved that amount of money, the house would be another 50-100k higher in price. This house appreciated 100k in three years! That's 33k per year! At one time people who put down less than 20% were bad risks, but I doubt the same is true today. Granted, if you bought your house five years ago and are moving up (as did the people from which I bought my house), then you could put down 20%. Otherwise, it's almost impossible.
posted by 69.173.8...
Posts in this Thread:
- Way O/T getting rid of PMI (long), Rich, Thu, 20 Oct 2005 15:05:42
- Re: Way O/T getting rid of PMI (long), Avanti, Fri, 21 Oct 2005 23:28:23
- Thank you all., Rich, Fri, 21 Oct 2005 15:41:12
- The ONLY way to get rid of PMI (and keep 4.5%), Jeff B, Fri, 21 Oct 2005 11:37:43
- what is PMI?, rob , Fri, 21 Oct 2005 11:35:29
- Re: Way O/T getting rid of PMI (long), SWEDECAR , Fri, 21 Oct 2005 09:29:31
- Re: Way O/T getting rid of PMI (long), Rafe, Fri, 21 Oct 2005 07:21:04
- Get a Realtor to do a Market Analysis, JimN, Fri, 21 Oct 2005 06:55:25
- why not covert the amount over 80% to a 2nd mortgage, hte originalMJM, Fri, 21 Oct 2005 05:29:55
- Re: Way O/T getting rid of PMI (long), Rich T., Fri, 21 Oct 2005 05:15:10
- LTV is the key, Geoff, Thu, 20 Oct 2005 15:46:21
- Re: Way O/T getting rid of PMI (long), michael p, Thu, 20 Oct 2005 15:39:43
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