Quote:
Originally Posted by MediaArtist
20% down should be the minimum for anyone to purchase a house. Anything else is just risky, creative, financing.
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Do that and no one is buying your house. The reality is that most people in this country don't even have 3 months of saving for emergencies let a lone 20% on a 200k home (which in the area I live in, will get you a 600sq ft 1bd condo if your lucky)
But if that were to happen, the value of your place and everyone else's home would collapse to the point where "regular folks" could afford a 20% down payment.
Back during the housing boom, lenders were offering me ridiculous non-fha loans which I could never truly afford. Nearly 60k over what I should have been offered to afford overpriced condos. Crazy. Luckily I just waited.
FHA at the time offered no where near that amount.