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Reply to "Buying a first home - did you get the downpayment from your family?"
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[quote=Anonymous]My mother in law gave us $20K 15 years ago which we used to buy our first condo. We needed it, since we had a paltry $3K saved on our own. With her help we could manage 10% down, which was what was required then. That condo appreciated enormously over a few years and gave us the boost we needed to buy a bigger home. I'm very grateful to my MIL for helping us buy when prices were still relatively low. Our incomes are much higher now, but so are prices, and our mortgage as a percentage of income is very manageable thanks to that early entry into the real estate market. $20K isn't a huge sum but it made all the difference. [/quote]
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