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6packofun

Poll about the FIRST home you bought.

Down payment on a first home  

239 members have voted

  1. 1. Choose the one that most fits the circumstances in which you made the down payment on your FIRST home.

    • We had no down payment and did not need one to get a mortgage at the time.
      50
    • Our down payment was less than 20% and we saved it ourselves.
      70
    • Our down payment was less than 20% and we had assistance from family and/or a program.
      41
    • Our down payment was 20% or more and we saved it ourselves.
      36
    • Our down payment was 20% or more and we had assistance from family and/or a program.
      16
    • We borrowed money for a portion or all of our down payment (from any source) which we needed to repay.
      5
    • We rent.
      9
    • Other. Explain if you care to.
      12


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My ex bought our first house when we were engaged. He bought it for $18000. It was condemned. We gutted it and rehabbed it (put about $20000 in it). There was no down payment as the entire amount was actually a revolving line of credit construction loan until it was finished and we refinanced. We sold it 3 yrs later for $96000. We used the equity to purchase our second home in 2005. We sold that home last year due to divorce and got exactly what we paid for it.

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We used a VA loan with no down, we also didn't have to pay the funding fee because of my disability rating.

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Our first house in 2002 was something like $106-124K, I can't remember. I wish we'd kept it! We got a $10K gift from my dad and used VA so the gift covered closing costs and some furnishings. We sold that one in 2006 and bought a new house in 2007 using a conventional loan w/5% down.

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Actually, none of the poll options were strictly correct for me because all the pronouns are plural. I bought my first home as a single woman with assistance from my father. 

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The first home *I* bought:  down payment 20% and I saved it myself.

 

Then dh and I met, I sold that home, and dh and I bought a home together.

 

For the one we bought together, down payment was less than 20% and it was from our savings and the sale of my home.

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