[Brett]

Alright, here is the deal. My wife and I just committed to buy a home, have been financed, all of the good stuff. We have been able to put away about $20,000 over the last couple of years, and I am struggling to decide how much I should put down initially for the mortgage loan. The lender is requiring that we put $5,000, but we are considering more. I have done some calculations and figured that the mortgage payments are not really going to drop very considerably by putting even our full savings down. My question to all of you is, what would you do in our shoes? We want to spend some money furnishing the house and performing some upgrades. Are upgrades more important in a home or lessening the initial loan?Yes, we are first time home buyers and are ECSTATIC about this "no strings attached" tax credit.

[Gaytheist Buddha]

Unless you can put down 20% to avoid PMI or you get a better rate putting down more, put down as little as necessary to qualify for your loan.

[Classy Granny]

If you have 20,000 and they are only requiring 5,000 I would put down 10,000. You'll lower your monthly payment considerably and you'll have the other 10,000 to make some changes and by furnishing. Don't forget to save a little for unexpected repairs like a hot water tank that quits working or a furnace that needs repaired