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Reply to "Where do people keep these huge amounts for house down payments?"
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[quote=Anonymous]For us it was equity we got when we sold the previous home. We didn’t have a large sum of cash for our first home (I think we started with like 5% down on a 400k house for our starter)…. So that first dp was just saved up in a bank savings account. When we sold that house in spring of ‘21 years ago we had 200k equity that we used for our next house purchase. Now a year and a half later, we have over 300k equity. We aren’t going to upgrade at this point but we could and we’d just roll that equity into the next purchase and so on and so forth. I think this is probably more common than people saving up massive sums for a first time purchase. Either that or peoples parents are rich and overly generous and give them the money. [/quote]
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