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Confused why you don't think this is a problem?? just because family will be there for you when no one else will doesn't mean they are financial liquid enough t
by justsocrateasin 3y ago
Confused why you don't think this is a problem?? just because family will be there for you when no one else will doesn't mean they are financial liquid enough to support you with $50,000-$100,000 in cash. Clearly that is your situation but for the VAST majority of Americans that is not the case.
Average home price in America is over $400,000 which means a 20% down payment is $80,000.
- SaintGhurka 3y ago>> Average home price in America is over $400,000 People just starting out aren't usually aiming for the average home. There are lots of homes and condos that are half that price - depending on location. >> which means a 20% down payment is $80,000. If you are faced with this situation, an FHA loan requires 3.5% down and you can buy with a sub-600 credit score. FHA loans are designed for first-time buyers. https://www.nerdwallet.com/article/mortgages/fha-loan https://www.nerdwallet.com/article/mortgages/fha-loan