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Reply to "Where do people keep these huge amounts for house down payments?"
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[quote=Anonymous]We put down 60k on a 525k home. But we were mid-30s. No help from parents. We know a lot of people who got around 50k (or more) from parents, plus had savings. We also knew a few who bought homes using inheritance from a grandparent who died. All of those people bought bigger, nicer homes than we did and built equity more quickly than we did. They also had cash on hand to fix up their houses after they bought, where as we had no money left at all and were in super saver mode to build our emergency fund back up. The idea of having 300k for a first home is insane to me, though. If we'd had that much capital, we would have bought a condo for cash as an investment, lived in it while saving what would have been our mortgage or rent payment, then financed a home with 20% down from savings and rented out the condo. The idea of having 300k cash on hand and using it to buy a $1m+ house seems dumb to me, but I don't come from money so what do I know.[/quote]
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