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    Emily94's Avatar
    Emily94 Posts: 1,129, Reputation: 64
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    #1

    Jul 29, 2011, 09:22 AM
    Buying a first home
    I can move out of home in about a year. I have been looking at rental properties, and for $1500 a month I can rent a house. My mom and I got talking and I've decided I'm going to try to save up enough for a down payment on a house, even if it means I have to live at home an extra year or two. In the long run it will cost about the same per month and in the end I'll have something that is mine. Im just wondering, what is the usual precent you have to have for a down payment (ive heard a lot ranging from 2-20%)? If you want my location to better answer this question please pm me and I'll send it.
    smoothy's Avatar
    smoothy Posts: 25,492, Reputation: 2853
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    #2

    Jul 29, 2011, 10:52 AM

    Today... assume 20%. The days on no money down are long past. At least in the USA. I assume Canada is following similar practices.

    Also assume there will be additional expenses you haven't planned on before going to close on the house. You need something left over after you sign all the papers because you will find something you need, or something that needs done.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Jul 29, 2011, 06:00 PM

    Agree, assuming you don't have pages of great credit from many other things you have bought ( can't really at your age)

    You will need about 20 percent right now.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #4

    Jul 29, 2011, 06:05 PM

    You don't have to give a specific location, but real estate values do vary widely. So it would help to know a general area.

    A house for $1500 a month would put you in a fairly expensive area. Means homes would probably be $200K or more.

    With the current credit landscape, down payments of 20% are more common. You might try looking more towards a small condo apt.
    J_9's Avatar
    J_9 Posts: 40,298, Reputation: 5646
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    #5

    Jul 29, 2011, 07:38 PM
    Quote Originally Posted by Emily94 View Post
    If you want my location to better answer this question please pm me and I'll send it.
    Right up near the top you already show your location as Manitoba Canada. ;)
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