Anonymous
Post 06/02/2013 16:00     Subject: Buying a first home - did you get the downpayment from your family?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Absolutely zero. And I look down on people who need to rely on mommy and daddy to live their life.

I saved 35k and bought my place at 34 yrs old. All with a salary between 40-90k during my 20s and 30s.


You'll find that nobody cares what you think except your spouse and kids who have to listen to your bitter criticism.


I'm better than you, PP. Face it.


No, you're just more bitter than me.
Anonymous
Post 06/02/2013 15:35     Subject: Buying a first home - did you get the downpayment from your family?
I'm still waiting to hear how someone finds out that several of their friends and acquaintances receive 500K for downpayments. Do these "friends" just drop that bit of information over drinks at the Club? Mention it while playing squash? Guess I'm just nosy, but my field of friends is pretty large and I've never been told by friends of any "gifting" from parents nor have I asked. Are they bragging when they mention this fact? And, yes, I still want to be adopted by someone on this thread - the prodigal daughter.
Anonymous
Post 06/02/2013 15:34     Subject: Buying a first home - did you get the downpayment from your family?
Anonymous wrote:
Anonymous wrote:Absolutely zero. And I look down on people who need to rely on mommy and daddy to live their life.

I saved 35k and bought my place at 34 yrs old. All with a salary between 40-90k during my 20s and 30s.


You'll find that nobody cares what you think except your spouse and kids who have to listen to your bitter criticism.


I'm better than you, PP. Face it.
Anonymous
Post 06/02/2013 15:33     Subject: Buying a first home - did you get the downpayment from your family?
Anonymous wrote:Yes. My parents gave me $150K for my first house at 22 (a condo), then $500K for our second home. It's fairly common.


It's fairly common?!? LMAO.
Anonymous
Post 06/02/2013 15:24     Subject: Buying a first home - did you get the downpayment from your family?
Anonymous wrote:Absolutely zero. And I look down on people who need to rely on mommy and daddy to live their life.

I saved 35k and bought my place at 34 yrs old. All with a salary between 40-90k during my 20s and 30s.


You'll find that nobody cares what you think except your spouse and kids who have to listen to your bitter criticism.
Anonymous
Post 06/02/2013 14:59     Subject: Buying a first home - did you get the downpayment from your family?
Yes. My parents gave me $150K for my first house at 22 (a condo), then $500K for our second home. It's fairly common.
Anonymous
Post 06/01/2013 11:14     Subject: Re:Buying a first home - did you get the downpayment from your family?
Hell no. I never even got spending money from them while I was in college. I put all $17,000 of the downpayment down from savings, earned by working. I was 27 when I bought my first house.
Anonymous
Post 06/01/2013 09:17     Subject: Buying a first home - did you get the downpayment from your family?
Nothing. I saved up my salary during my summer associate job at a law firm and lived like a pauper paid $250 in rent in a group house and ate ramen, put down 10% -- 30k down payment on $300 townhouse in DC. This was in 2006. I did not end up going into big law -- now in public interest but I'm happy for my lucrative summer foray into it.
Anonymous
Post 05/30/2013 23:42     Subject: Buying a first home - did you get the downpayment from your family?
My husband had money from his family for grad school but he never went... Not sure how much exactly. We used it for our house instead. 290k in Arlington back in 2000.
Anonymous
Post 05/30/2013 22:57     Subject: Buying a first home - did you get the downpayment from your family?
Anonymous wrote:My parents are very wealthy, however I probably won't see much of that money and I am fine with that. I paid for my undergrad and graduate school via scholarships and loans. I had jobs all through school to pay my living expenses. I paid for my own wedding, except for a few things my parents offered (like the church fee which was $500, some booze they preferred, etc, probably was around $5000 total they contributed which was very much appreciated). We agreed to use one of my parents as our agent, so that parent kicked us back as a "gift" a portion of the buyer agent commission that equalled about $10,000 to be used towards closing costs, but we still could have bought the home without it as we saved for years to put 20% down. I had my first job at 13, my parents took me to the courthouse to get a work permit. I thank them for instiling in me a good work ethic and value of money. I don't resent others who had their college, down payment or living situation paid for in the past or in the present. It really isn't any of my business.


If your parents are that well off, what do/will they do with their money? Not trying to be snarky but genuinely curious. We have no help but it is more of a no one is financially able to help us- if they could, I'm sure at least my parents would. It seems that you have been more than capable to do things on your own but most parents who have the financial power to do things for the children, will.
Anonymous
Post 05/30/2013 19:30     Subject: Buying a first home - did you get the downpayment from your family?
Anonymous wrote:My parents loaned me 100K with market rate interest (about 7% at the time) in 2001 to buy my first home. And the loan came with a legit promissory note. I paid them back monthly until my equity got high enough that I could refinance and pay them back in full (about three years after I bought). It worked out great because they had a safe investment that earned good interest and I got into a home just as I turned 27.

Given the prices around here and that it can take many years to save enough for a down payment, I don't see anything wrong with getting family help. I think the "mommy and daddy doing everything for me" judgment is sometimes unwarranted. You don't know all the arrangements behind the scenes -- loan vs. gift, etc.


Has it occurred to you that the prices around here are what they are because so many people have parents with that kind of money to offer? With escalation clauses and everything else, it most certainly puts people who work hard but don't have access to wealth they didn't earn themselves at a severe disadvantage.

Anonymous
Post 05/30/2013 19:07     Subject: Buying a first home - did you get the downpayment from your family?
My parents loaned me 100K with market rate interest (about 7% at the time) in 2001 to buy my first home. And the loan came with a legit promissory note. I paid them back monthly until my equity got high enough that I could refinance and pay them back in full (about three years after I bought). It worked out great because they had a safe investment that earned good interest and I got into a home just as I turned 27.

Given the prices around here and that it can take many years to save enough for a down payment, I don't see anything wrong with getting family help. I think the "mommy and daddy doing everything for me" judgment is sometimes unwarranted. You don't know all the arrangements behind the scenes -- loan vs. gift, etc.
Anonymous
Post 05/30/2013 12:52     Subject: Buying a first home - did you get the downpayment from your family?
Absolutely zero. And I look down on people who need to rely on mommy and daddy to live their life.

I saved 35k and bought my place at 34 yrs old. All with a salary between 40-90k during my 20s and 30s.
Anonymous
Post 05/30/2013 12:33     Subject: Buying a first home - did you get the downpayment from your family?
My parents are very wealthy, however I probably won't see much of that money and I am fine with that. I paid for my undergrad and graduate school via scholarships and loans. I had jobs all through school to pay my living expenses. I paid for my own wedding, except for a few things my parents offered (like the church fee which was $500, some booze they preferred, etc, probably was around $5000 total they contributed which was very much appreciated). We agreed to use one of my parents as our agent, so that parent kicked us back as a "gift" a portion of the buyer agent commission that equalled about $10,000 to be used towards closing costs, but we still could have bought the home without it as we saved for years to put 20% down. I had my first job at 13, my parents took me to the courthouse to get a work permit. I thank them for instiling in me a good work ethic and value of money. I don't resent others who had their college, down payment or living situation paid for in the past or in the present. It really isn't any of my business.
Anonymous
Post 05/30/2013 12:18     Subject: Buying a first home - did you get the downpayment from your family?

And to the wedding poster, you are not alone. I paid for everything for my wedding, but I was financially established and "old". Drove me crazy when my parents paid for not one, but TWO full white weddings with sit down dinner and orchestra for my sister - and she was 40! Prodigal daughter here.


That woulld have driven me even more nuts. My parents were equally cheap with both of us and I was definitely the more successful one. Btw, my dad offered to pay for my wedding dress if he picked it out. I said no thanks I'll buy my own wedding dress thank you. Also to the poster who worked their way through grad school, I did do. My parents are really into to show. They didn't help at all with school but we went to a pizza place after graduation and offered to pick up the tab only because there were aunts and uncles there too. There was no way that people who were antihelp with grad school were going to take credit for the dinner. I bit my tongue enough at my wedding.