Buying A Home
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
percentage rate
what percentage down did you pay? did you purchase a old home or one in a new developing neighborhood? what percentage was your closing cost?
we would love to buy a house however, have got mixed answers on how much down we would need
thanks for any advice
Re: percentage rate
20% down
Our house was built in the mid 80s and had been extensively renovated. We considered new construction, but were worried about the fact that lots were sitting empty and not being developed and how much that would affect things long term. We wound up buying in a very well established and well run swim and tennis neighborhood and couldn't be happier.
Closing costs were around 2.5% of our purchase price.
We are buying an investment property right now. Minimum down to purchase this is 20%, so that is what we are putting down.
The first and second homes we bought, we put down 3.5% (FHA loans.)
The third house, another investment, we put 20% down.
None of the houses were new or in a new development.
% down depends on your lender and the type of mortgage you get. We put 3.5% down on an FHA mortgage for new construction.
20% off is the golden standard of conventional mortgages and a lot of people will say if you can't afford this, you shouldn't be buying a house. It lets you avoid having to pay PMI, which protects your lender in case you default. The days of 0% down mortgages are pretty much over, although I've read the odd story on here from people who have still found ways to do it.