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No_Rule_9059 t1_ja158lm wrote

Reply to comment by MrArkAngel11 in Help us take down slumlords! by MrArkAngel11

I can't really believe that. Why didn't they buy a house. Only need 3% down with FHA /first time buyer. Could easily gotten own place

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[deleted] t1_ja16u9g wrote

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No_Rule_9059 t1_ja1740h wrote

I bought my first house when I made less than 50k and 5k in cash. If you want something you go for it, not whine about it.

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[deleted] t1_ja17fh2 wrote

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Killjoy4eva t1_ja1rfcl wrote

> Why would you want to buy a house at 3% down.

Why wouldn't you want to buy a house at 3% down if you have limited funds? I personally purchased with ~5% down on FHA with the $7.5k grant for first time homebuyers. Nabbing a good rate when interest rates are low, it's more beneficial to throw the money in a 401k. The rate of return is higher on a simple index than the interest savings over the course of the note when putting more down even when accounting for PMI.

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No_Rule_9059 t1_ja17s36 wrote

That's the minimum you need with FHA loan. I had 5k to put down when I bought my first house 🏠

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[deleted] t1_ja18g7z wrote

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No_Rule_9059 t1_ja18u6b wrote

Well if you can clear a 2mil loan, you must make a lot of money. I don't think any on this thread is close to that

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Previous_Floor t1_ja1vbj8 wrote

>Why would you want to buy a house at 3% down.

If your monthly mortgage payment is similar to what you've been paying for rent, why not? I get that you'd also now have property taxes and maintenance costs, but don't forget that rent goes up.

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MrArkAngel11 OP t1_ja16xh7 wrote

They have been looking for a home. Currently renting from Pioneer. Join reclaim and got told they need to leave march 1st or be evicted. Its hard to have a comfortable situation while being told you might be homeless for wanting water that isnt full of lead.

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