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The amount of money you need to get an first time FHA loan is relatively low. You can easily get a 250k loan for about 11k down, and your mortgage payment is go
by namelessoracle 4y ago
The amount of money you need to get an first time FHA loan is relatively low. You can easily get a 250k loan for about 11k down, and your mortgage payment is gonna be about the same as your rent payment. (except you at least have something building equity now). Yeah the PMI sucks, but current interest rates are so low that even with PMI your rate is probably pretty favorable.
My nephew did exactly what I talked about 2 years ago and is already sitting on 50k of equity. Rent for a 2 bedroom in his area is more than his mortgage......
- mushbino 4y agoWhere can you get a house for $250k?
- floxy 4y agoZillow seems to think there are more than 500 in California: https://www.zillow.com/ca/?searchQueryState=%7B%22pagination%22%3A%7B%7D%2C%22usersSearchTerm%22%3A%22CA%22%2C%22mapBounds%22%3A%7B%22west%22%3A-135.214852125%2C%22east%22%3A-109.50684431250001%2C%22south%22%3A31.780408958800567%2C%22north%22%3A45.74906755913145%7D%2C%22regionSelection%22%3A%5B%7B%22regionId%22%3A9%2C%22regionType%22%3A2%7D%5D%2C%22isMapVisible%22%3Atrue%2C%22filterState%22%3A%7B%22price%22%3A%7B%22min%22%3A150000%2C%22max%22%3A250000%7D%2C%22mp%22%3A%7B%22min%22%3A634%2C%22max%22%3A1057%7D%2C%22sort%22%3A%7B%22value%22%3A%22globalrelevanceex%22%7D%2C%22ah%22%3A%7B%22value%22%3Atrue%7D%7D%2C%22isListVisible%22%3Atrue%2C%22mapZoom%22%3A6%7D https://www.zillow.com/ca/?searchQueryState=%7B%22pagination...
- mushbino 4y agoThese are mostly trailers and condos or far away from population centers (jobs and other resources).
- namelessoracle 4y agoMany places, especially American Southeast or Midwest. Choosing to live in California or New York is a poor choice for many people.
- Khelavaster 4y agoOr get a 600k house for 25k down like me! I don't understand why FHA is ignored so much in housing policy discussion..