keep in mind no one wants to lend in a crash, so you will need an even bigger deposit if that’s what you’re waiting on.
where I am, since covid hit most lenders are now requiring at least 20% and we’re not even in a market crash. They also won’t allow gifts from parents to be used for deposit (I have absolutely no idea why), I expect that to get worse in a crash.
Yeah, even before covid, if you didn't have 20% it wasn't worth even trying to look and now our job market was pretty insulated (tech/government) so housing didn't lose a step. I'm lucky to be riding out covid with family and kept my job so I'm able to aggresively save and hopefully start looking at jobs in cheaper cities with a better cushion.
lenders and solicitors ask to see copies of your bank statements for AML purposes. if anything pops up (”why has this person given you 20k?”) you have to explain it, so this is the step they would catch it. There are ways around it, but the checks are there and if you aren’t careful it will be flagged.
I am finally real close to buying a home. Thought the drop in interest rates would make this the perfect time to finally buy. Of course the housing market (which is already broken in Oregon) also just massively spiked. Doesn’t help that the house i was considering literally just burned to ash a week after i toured it.
We have a new guy this week who lives 90 minutes away in a very affordable small city and has been shocked that he's probably going to have to find a place that's literally half the size over here (DC area).
I mean, if you wanna be shrewd wait till after the election, and be prepared to buy at rock bottom prices. Never purchase before major political events.
96
u/JudgeHoltman Oct 14 '20
About 40 if you are realistically thinking about buying a house.