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Reply to "how the hades did you save a six figure deposit?!"
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[quote=Anonymous]First, by not buying a house that required a $200K downpayment. The highest we've gone has been about $150K, and that was funded by selling a prior house and using the proceeds as a downpayment. We bought our first house in 2011 when we were in our mid-30s and our kids were under 5, and that was funded by savings, draining an old Roth IRA, and taking out a 401K loan. It was a risk, but we were able to save more to pay back the 401K loan with the mortgage payment than with rent, paying it off in about 3 years. Neither of us have families that could help at all (financially or by giving us a place to live), so we had to do it ourselves.[/quote]
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