topic Re: Saving for down payment in Mortgage Loans

Saving for down payment

Anonymous — Sun, 05 Aug 2012 21:30:32 GMT

Just curious as to how everyone saved/is saving for their down payment? We're just doing the typical throwing as much as we can into a savings acct thing. That and I'll be selling my SUV and replacing it with an 'island beater' to get about 10k saved. Any ideas on how to make mymoney grow faster? We're looking to buy in the next 6-12 months. Also, although I'm eligible for a va loan, we'll be doing a conventional loan as we can't meet occupancy reqs so we'll need 20+% down.

Re: Saving for down payment

StartingOver10 — Sun, 05 Aug 2012 22:28:30 GMT

@Anonymous wrote:
Just curious as to how everyone saved/is saving for their down payment? We're just doing the typical throwing as much as we can into a savings acct thing. That and I'll be selling my SUV and replacing it with an 'island beater' to get about 10k saved. Any ideas on how to make mymoney grow faster? We're looking to buy in the next 6-12 months. Also, although I'm eligible for a va loan, we'll be doing a conventional loan as we can't meet occupancy reqs so we'll need 20+% down.

What do you mean you can't meet occupancy requirements? Are you buying a home to live in or for an investment?

Re: Saving for down payment

Anonymous — Sun, 05 Aug 2012 22:38:09 GMT

We will be living in it ... When I retire from the navy in 2-3 yrs. va requires occupancy within 2-12 months. We want to buy now while prices and rates are low. We don't necessarily need to rent it out before we occupy. We have friends/family who could reside there to do upkeep.Depending on the lender this situation may or may not be considered an 'investment property.' savings wise we want to be prepared for worst-case in which they call it an investment ppty.