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Reply to "House downpayment: How low would you let savings go?"
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[quote=Anonymous]We've been saving like crazy for a downpayment for our next house. Our current house was bought at the peak of the market and the value hasn't recovered, but we have to make a move as our oldest child starts school in the fall. We can put down 20% on just about anything in our price range, but then we'd only be left with 25K or so in liquid emergency funds (if we bought at the top of our range). Is that too risky? HHI is $200K and we typically receive yearly bonuses that would hopefully arrive a few months after we purchased. We do have 401Ks and such in case of a true emergency. I am having a hard time thinking of our amount in savings going down by so much, but also don't want a higher mortgage payment. WDYT?[/quote]
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