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silasmoeckel t1_j5s98oh wrote

Reply to comment by Striking-Trainer8148 in The inventory of houses suck by KindaEgotistical

Don't compare apples to oranges. Would say most people looking to buy a house need a house. Cramming a typical family of 4 into an apartment is not always practical.

Your still looking at 2k or more for a tiny 3br apartment and thats going to be in a neighborhood you would not want to send your kids to school in.

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Striking-Trainer8148 t1_j5sa4lh wrote

Wow sounds like OP can’t afford to start a family i guess. 🤷🏻‍♂️

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silasmoeckel t1_j5seh7s wrote

Not like anywhere else is particularly better.

Suck it up and pay the PMI on a FHA if they can afford the monthly.

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phunky_1 t1_j5td7um wrote

Don't get a FHA.

They changed the rules so you can never get rid of PMI now.

You can get a conventional loan for only 5-6% down and PMI goes away once you get 20% equity.

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Morendhil t1_j5tw4yo wrote

Torrington Savings Bank will do a conventional for 10% down with no PMI if you have good enough credit.

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secretmuffinsauce t1_j5tin1v wrote

Bold of you to assume any seller will work with FHA financing

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silasmoeckel t1_j5ttzrk wrote

Thats never seemed to be a problem sellers dont want to give back deposits.

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secretmuffinsauce t1_j5vxeb5 wrote

What? Has nothing to do with deposit. Sellers take conventional and cash offers allllllllll day over FHA and VA. sellers don’t want to fix anything and FHA appraisals more often than not require repairs or adjustments.

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silasmoeckel t1_j5x04sh wrote

Cash only is cash only and even then some types of loans considered good as cash.

Nothing stopping you from getting conventional approval and switching to a FHA. They want to back out post deposit thats up to them but they have lost time/opportunity at that point. After all you can get approved for some very bad coventialy loans and horrid DTI, does not mean it makes sense to buy a home with them.

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