Are People Really Borrowing Money for a House Down Payment? 🏡 #RealEstate #Money #Debt

In your experience, what percent of the people borrow the down payment money versus they actually have it? >> I think most first-time home buyers, unless they have PhDs, you know, Papzda, they generally will have some way of getting it acrewing money. If they're large down payments, a lot of times they're from the family members. When I bought my first house, it wasn't a significant gift, but I got some money from my mom, some my parents, and then some money from my in-laws. They put push it together. You figure it out. I put down maybe 10% when I bought my first house. My second house, I also put down, but because I was doing a lot of construction. If you can put down a little and have extra money, either pay down credit card debt, a lot of people have, or have money for a rainy day, it's very important that people save up for three to six months of housing payments so that you have some cushion. So, if there's a it's a rough month or payments come in, you need to pay extra stuff, have extra money to be able to handle. So, the answer is you want to make sure you have enough money, but on the other hand, you can put down a little money, meaning you can put down percent and have extra money. If you're responsible with your money and not spending it, you can have the money on hand. I recommend that a lot as long as you feel comfortable with the monthly payments. for my guesstimate and it depends on the level of their down payment.