Quote:
Originally Posted by Homesteaded
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A home is an investment. It’s not a purchase like a car.
Home ownership is not out of reach, it’s out of reach for people who make poor choices.
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Wasn’t meaning home buying was out of reach, I was saying having 20% of a home’s price in saved cash is out of reach for the typical American. I was working a 50k/yr job and didn’t have nearly close to that when I bought my home
Most Americans are only going to be able to do the FHA 3.5% down. For me to have put 20% down that means for my home I would have needed to have $70,000 in savings. Not gonna happen
I did an FHA with $1.2k/mo mortgage which initially I had a co-worker as roommate to help with affording the mortgage (charged him only $500/mo rent). After the roommate moved in with his gf after they bought a home, I had my cousin, his gf, and their 3yr old daughter move in and changed them $700-mo. Then after I had paid 20% of the value I re-financed to 900/mo payments and now live alone because I can afford to
This is a fairly typical expectation for a middle class home buyer experience. It really helps to have a roommate (or 2) already lined up to help with the payments before getting saddled with a mortgage, especially when needing to pay mortgage insurance initially