I and my husband want to buy a house in the range of $400,000 to $450,000 but we only have $55,000 cash. Our combined income is higher than $140,000.
Is it possible to put a 10% down right now? Do we even have enough for a 10% down payment considering other costs related to home buying?
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Since you asked a sincere question, I will give you a sincere answer.
If you only have $55K on hand for a down payment, NO WAY should you be looking in the range of $400K-$450K. While its technically possible to get in with 10% down or less, doing so puts you at risk if one of you loses your source of income. This is the type of behavior that caused much of the bubble the last few years. Many are pumping FHA loans, yet the stats show that FHA loans have a very high default rate due to people getting in over their heads. In my opinion, FHA loans should be eliminated, but thats a subject for a different thread.
My advice to you is to find something you can afford at a lower price range, or save up until you have a larger down payment.
