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> They can always put a smaller down payment and just pay for the PMI so don’t feel too bad. Which brings up another piece of "conventional" homebuying: the ne
by doom2 5y ago
> They can always put a smaller down payment and just pay for the PMI so don’t feel too bad.
Which brings up another piece of "conventional" homebuying: the need for a 20% down payment. Many Americans are still taught this magic number, but the reality in many big cities is that you won't always be able to afford that amount.
- xwdv 5y agoYou can do 5% down.
- cammikebrown 5y ago5% down on $600,000 is still $30k, which is at least six months’ salary for many, many people. I know HN skews wealthy but the average median family income in California is $75k. Good luck!
- xwdv 5y agoYou can keep moving the goal posts, but eventually you must face the moment of truth. If you’re not willing to work hard for a year and put the money down you do not get to own a home. There is no amount of downpayment people will ever be comfortable with, people simply want to have no downpayment at all and jump straight into mortgage payments.
- AnimalMuppet 5y agoIf you're making $60K/year, I'm not sure that it's reasonable for you to have a $600/000 mortgage, completely apart from the down payment. You might be able to afford it with a 0% loan, but there aren't many of those...