Viewing a single comment thread. View all comments

SmarterShelter OP t1_iybk66v wrote

Reply to comment by Its-a-write-off in If Buying a House Is Cheaper Than Paying Rent...? by SmarterShelter

I've got about 100K, but wouldn't want to put all of that into the house in case of major repairs or job loss (and that includes my retirement savings).

1

mcmpearl t1_iybmih0 wrote

Don't include your retirement savings. Leave it for retirement. Look to put down the smallest amt that leaves you with monthly expenses that you can reasonably pay. Look at FHA loans (regular and 203k), programs to help 1st time buyers, programs that help certain professions if you are in that profession (my area helps teachers for example). There are sometines programs for purchasing in certain locations. The programs are usually state or county based. Look at training programs for 1st time homebuyers.

4

tdacct t1_iybputd wrote

Be on notice about FHA loans. If you buy a house with minimum down payment, but then work really hard to get to 80% LTV; the FHA loan won't let you remove the PMI for 5 years anyway.

1