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"Ragebaited myself by asking my mom to guess what a down payment on a house would be these days (she guessed $8,000)" (piefed.world)
submitted 3 months ago by to c/lemmyshitpost@lemmy.world
8 comments fedilink hide all child comments
 

cross-posted from: https://piefed.world/c/shit/p/1128309/ragebaited-myself-by-asking-my-mom-to-guess-what-a-down-payment-on-a-house-would-be-thes

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[–] 23 points 3 months ago (2 children)

I mean......a down payment is anything you want it to be. The 20% rule isn't manditory.

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  • [–] 15 points 3 months ago

    I mean.. sort of not entirely. It really comes down to how much money you'll need to complete the transaction versus how much the lender is willing to give you versus asking price/offer, and other details like points mortgage insurance etc..

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    • [–] 12 points 3 months ago (3 children)

    Usually 5% for first time home owners. Depending on your part of the country this may be easier to harder. I know a.lot of younger people getting out of the apartment game and into houses right now.

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  • [–] 11 points 3 months ago (2 children)

    what, where?? Around here in Germany like 20-40% seems to be the norm, although if you want a really good rate you're advised to shoot for 50%. Sure, 0% credits do exist, but those have such predatory rates that they're basically financial suicide.

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  • [–] 4 points 3 months ago (1 child)

    I just saw a "financial advice" YouTube short that recommended 3.5% down payment and investing the rest in the stock market, assuming that the returns will exceed mortgage interest payments and fees. It's a risky approach, but the rates aren't necessarily predatory in the USA - instead they make you buy insurance (PMI) for if you default, which adds to your payments

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    • [–] 4 points 3 months ago

    Less than I'm planning on putting down on a car. Lol

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