Re: THe NAC Lots-O-Post Thread
Good LEGAL wheelin down in that area that not alot of people know about.
Excellent!
At 53k you wouldn't need ANYWHERE near a 20k down payment. As a first time homebuyer I have been told it is quite possible to get a loan with 0 down payment. Not saying its the smartest idea but esp now they are helping first time home buyers out alot.
Yeah, I'm shooting for a 25% down payment. Once you get over 20% you don't need PMI, once you hit 25% they take you a little more seriously and your interest rates go down from what I've read.
I plan on having a $50-70k down payment.
We'll see how that works out.
My truck/student loans will be paid off about this time next year, so about 3 years after that I'll have that kind of cash for a down payment on a house.
That's a hell of a down payment... good luck. I'm paying my student loans off ~45% faster than I need to, but I think I still have about 15 grand left to go. I've got zero vehicle loans because I am a fan of cheap-as-hell rotboxes that I can do whatever I want to without feeling bad.
I would love to get myself to that point. I got 10k saved up in like 6 months. Then I started working on the Jeep and put a dent in that. Now that I am done with alot of the large Jeep expenses I hope to start saving again.
My problem is that I don't thikn I could stand to live at home for another 2-3 years :gee: I am aiming for a 20k down payment or so on a 140k or so mortgage maybe. idk for sure just yet. Depends what i can find. If I find something soon then I may only be working with a 10k down payment (plus the 8k that the gov't is giving if I find something soon enough).
I have one hard and fast budgeting rule - I DO NOT touch the down payment savings. EVER. I have a specific savings account for them and once money goes in, it does not come out unless it's for a deposit to go along with an offer or to pay the home inspector. Pretty sure I won't even be getting a home inspector after the last guy, he was extremely thorough but only covered a few more things than I did. Also, as far as I know, the new homebuyer tax return only comes back to you when you do your taxes or buy the property, you can't have it on hand to use for the down payment.
Yeah I don't blame any of you for wanting to move out sooner rather than later.
I have a great relationship with my parents however as I've mentioned before. They let me keep all the crap I want and are even talking about building another garage with 220v, heat, 2-post lift, etc which will start this spring/summer.
Oh, and I get to use a free trailer year round.
**** why the hell do I want to move out.
hahaha, good point.
I have a rather large amount of junk, and it was getting on my parents nerves somewhat, for good reason. I'm fine with my parents unless they start preaching (religion or green energy, doesn't matter) I just got tired of being stuck there, not being able to do whatever I wanted, etc. To some degree this is still a problem with roommates and downstairs neighbors, which is why I want my own place. Funny thing is, a mortgage payment on any of the places I'm looking at will be about the same as my third of the rent for single floor apartment I'm in right now, at least before taxes/insurance/energy bills. My intent is to pay the minimum and cut back on how fast I'm paying off the student loans, use the extra money to fix the place up, then once it's fixed, throw it in overdrive and pay everything off as fast as I possibly can. Can't wait to have zero debt and finally actually consider myself free and on my own.
