Quote:
Originally posted by denim
Thanks! Now that I'm there, I get more spam telling me how to do it. 
I've got a RO (roll-over, not Roth) IRA and an active 401(k), with maximum matching. A buddy of mine is planning on tapping his in a year or so to act as a downpayment for his first house. I think he's crazy, but it's his life.
No other people are involved. Well, there's a cat.
The bonus should be noticable, but I don't think it'll be much more than a good fraction of a 20% down-payment.
OTOH, my mom suggests that adding 5% for mortgage insurance effectively adds to the rate of the mortgage. This strikes me as true.
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Denim-
Sorry for the delay, I have been pretty busy these last few days. I would suggest that you renew your lease and save money for a down payment. To enable you to save as much as you can, I would either buy the used vehicle, or depending on the condition of your current vehicle, see if you can hold on to that one awhile longer.
If your bonus is enough to pay for the used vehicle outright but you are uncomfortable not having a "just in case" fund, consider a cd secured loan. Generally, you will have a very low interest rate and that way when you are finished paying it off, you will still have that money (plus interest) for that down payment.
As to the 5% for mortgage insurance, I am not really sure. I would check with your local financial institution. As far as I know, it varies from state to state or institution to instituion.
If I can be of any more service, let me know.
Thanks for posting!