Reply to How long did it take you to save a down payment?

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[quote=Anonymous][quote=Anonymous]Too long. Should’ve just bought a 2BR condo when I had 3% for FHA loan and got a roommate when I was single.

Bought with my wife once we had cobbled together 12% down payment. We were stressed about not having 20%, but in hindsight it would have been SO DUMB to wait. We would have been priced out. We have friends who insisted on 20% and have never been able to catch up to annual price increases. And now with 7% rates, they are priced out.

Best advice I can give any people under the age of 35 is to not wait to hit 20% down payment. That’s advice from another bygone era when housing was much cheaper. Buy with 5% and get a roommate to offset the mortgage if you’re single. Time in the market will always benefit you. [/quote]

That’s interesting you are saying that. My DH and I talked about that now, couples saving $275k+ to buy in our neighborhood which starts at about 1.3m for nothing special (nice close in neighborhood with great schools and pretty lots  but modest 3/4 bedroom homes) … it just blows my mind how long it would take. We also only our down 7 percent bc we could but we really hit the timing perfectly. [/quote]

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