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For first-time homeowners, you only need 3.5% + closing costs for an FHA. That can represent several thousands of dollars, but there's plenty of folks with $600
by bdcravens 5y ago
For first-time homeowners, you only need 3.5% + closing costs for an FHA. That can represent several thousands of dollars, but there's plenty of folks with $600+ car payments and $100+ cell phone bills living in apartments, so it's not like saving up $10-15K is completely unreasonable.
- weatherlite 5y agoOK where I live that's impossible, you need 25% down and it's very expensive, realistically it will take most of your savings. For 3.5% downpayment, if the interest isn't too high, I'd take it yesterday.
- bdcravens 5y agoWhere are you located? FHA is available to pretty much anyone in the US. (though depending on the market, since some sellers will choose not to consider FHA buyers)
- cobookman 5y agoYou can "house hack" by continually moving into the house you buy. Each time you move you need just 5% down. https://www.biggerpockets.com/forums/311/topics/857256-fha-loan-vs-5-down-conventional-for-house-hacking https://www.biggerpockets.com/forums/311/topics/857256-fha-l...
- deleted 5y ago[deleted]