Where To Find 20%

19 10 2007

Recently I’ve been reading up on buying a home.  Most books I’ve read, people I’ve talked to, and things I’ve seen say that you really should have 20% down to buy a home.  (I know there are ways around this but this seems to be the norm).

Where I live, a pretty cheap condo will start at $350,000 without any extras.  That means 20% down would be $70,000.  *hits the floor with head*

Do people really come up with this kind of money?  I mean, even if I was able to save $1700/month (which I can’t right now) it would take me 3.5 years to save $70,000!  I’m wondering if most people just started saving for this really early or how everyone went about buying their first home.

I know that ALL of my friends who have houses had their parents help them.  Unfortunately, we don’t have that luxury.

Any ideas on how to go about this?

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One response

5 12 2007
Barbara

Sorry, I know this was a while ago, but I figured I’d comment. Hubby and I have bought all 3 of the houses we’ve owned with 0% down… You just sacrafice a few percentage points to do it. Our next house we should have a substantial down payment for, but just letting you know there is no requirement if you have good credit.

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