patrick.net

1) 20%
2) Three months expenses (minimum) six months preferred.
3) $81,000 (min) | $102k (preferred)
4) already at min - (took almost ten years to get there)
if there are holiday bonuses this year
(lets keep our fingers crossed)
That should put me close to where I want to be.

#1 0%; #2 Yep; #3 ditto (take 5% ROR -rate of return = $377/mo to pay tax n escrow. OR use it for
credit issues.)

Put o% dn. Rather put it to buy down interest. ToWit example

take a $200000 mtg. @ 6%. Payment is about $1200/mo; Interest is about $240000 in 30yr. House cost $440K + 30 yr of TI= about $60000 + maintenance $30000, + Real-estate things $20000. So total about $550K. DA.
So in 25yrs of payment of PITI bal is still 50% Principle. DA

Solution: if future value is $240000 int then PV is about $40000. So principle is about $600/mo AND YOU get to spend/save $600/mo AND debt to equity means easier to QUALIFY. DA

Yes it is a radical idea and these are radical times. So far I see NO down side to this scenario. Well one The banks/mtg lenders are not wise enough to see it-YET.
[They get $40K to invest at 10% so in 30 yrs they have the $240K; AND if I recall correctly, the banks can lend out 15x the money or #375000.

An idea of one. FYI

If you plan on financing a mortgage, I doubt you will find many or any lenders who will offer you a mortgage, with less than 20% down.

bob2356 says

If I had to take a conventional mortgage, even a 15 year, the first 4-5 years of the loan would be almost all interest to the bank

you could just write bigger checks every month.

Plus with such a short timeframe you should certainly go ARM.

I don't know anything, but for some reason I like the stuff Union Bank has. They hold their own loans.

Where's apocalypse?

It's cash or........

1) How much (in terms of %) do you plan on putting down if / when you buy? 20%
2) How much do you plan on keeping in "reserve" - just in case? 25,000
3) Adding the above - how much $$$ is that 80,000
4) How long will it take for you to save that much? already in hand.

I have made three offers since September 9th and have yet to land a house.

Superjet says

I have made three offers since September 9th and have yet to land a house.

1) Your offer is too low. or
2) Seller is dreaming to fetch higher then your offer.

Welcome to patnet.

bubblesitter says

I have made three offers since September 9th and have yet to land a house.

That's funny I received 3 offers and have yet to sell my house. Too any low baller's in the market right now. I'll wait 5 years and see what the market looks like then.

TechGromit says

That's funny I received 3 offers and have yet to sell my house. Too any low baller's in the market right now. I'll wait 5 years and see what the market looks like then.

same as the last 5. or worse.

Katy Perry says

same as the last 5. or worse.

I will for the later.