44 – How Much Should A First Time Home Buyer Put Down? Question Of The Week
How to Buy a Home: The #1 First Time Home Buyer Podcast
David Sidoni
4.8 • 891 Ratings
🗓️ 26 February 2021
⏱️ 48 minutes
🧾️ Download transcript
Summary
Time for another question of the week and this one is what lots of you have been asking. David Sidoni, the How to Buy a Home Guy, gets to the heart of the big money question – how much money does it take to get a down payment? Are you wondering if you need 20% down? Would you like to hear about 10%, 5%, 3.5% or even ZERO money down to make your first home purchase? It may go against the grain of what you have been taught about mortgages all along, but the unique market attributes of the time we are in right now actually make lower down payment options feasible, if not preferable. All the answers, tips, tricks, and hacks are here in this jam-packed episode. Be warned, there may be some math ahead, but surely nothing you can’t handle.
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David Sidoni, the "How to Buy a Home Guy," is a seasoned real estate professional and consumer advocate with over 18 years of experience helping first-time homebuyers navigate the real estate market. His podcast, "How to Buy a Home," is a trusted resource for anyone looking to buy their first home. It offers expert advice, actionable tips, and inspiring stories from real first-time homebuyers. With a focus on making the home-buying process accessible and understandable, David breaks down complex topics into easy-to-follow steps, covering everything from budgeting and financing to finding the right home and making an offer.
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Transcript
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| 0:00.0 | Everyone wants to know how much should they put down for a down payment on a house. |
| 0:04.6 | Spoiler alert, there is no one answer for everyone since we all have different finances. |
| 0:09.8 | So let's learn what's right for you. |
| 0:11.8 | Plus today's super fun bonus content, math. |
| 0:16.4 | Math. |
| 0:20.3 | I'm going to do this episode out of order. I'm going to start |
| 0:37.5 | things right in the middle of the podcast. You know, the part where I start to spit out all the |
| 0:41.8 | knowledge and give you all the hard facts and the math. Oh, okay, I can see some of you guys are |
| 0:45.3 | running from the microwave because you thought that you still had a couple minutes of me rambling at the |
| 0:48.6 | top of the show before I got into it. Nope, I'm going to go right in the middle. Start with the guts. So it might not make any sense |
| 0:55.0 | to you, but just keep on listening. It's going to be like a Tarantino movie, you know, all out of order, |
| 0:59.0 | but eventually you figure how all the pieces fit. Okay. All right. Well, now that you know all the |
| 1:04.3 | history and all the philosophical differences of opinion on how much you should put down on your house. Let's talk about a real-world example. |
| 1:11.8 | I had a Zoom the other day with some awesome podcast listeners from Boston. Let's call them Mark |
| 1:16.9 | and Mary. It's Mark and Mary. Park your car on the yard. Boy, my accent sucks. So there were two |
| 1:23.6 | great young adults, probably half my age, and God bless them, they had $150,000 |
| 1:28.1 | save for down payment. Now, I know that might not be you, but just do the math, okay, make $150,000, |
| 1:34.3 | $15,000 and you can make the math work for you. We're all at different places. They've been thinking |
| 1:39.7 | about this for about a year. They got a pre-qualification with a lender in March of 2020. You guys remember |
| 1:46.0 | March 2020? Yeah, that's when everything went to poop. So they got approved back then for 20% |
| 1:52.9 | down for a $700,000 purchase. They hadn't found the podcast yet, so they kind of waited it out |
| 1:59.3 | through COVID, you know, which all of us kind of did and they kept |
... |
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