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ScuttleCrab729 OP t1_j1g8b5g wrote

Reply to comment by cagonzalez321 in It’s a Christmas miracle… Landlord lowered our rent unexpectedly..? by ScuttleCrab729

Yea. No wonder we struggle to save up 20% for a down payment.

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amplifiedgamerz t1_j1glxgi wrote

You don’t need 20%, look into FHA loans. Can put as little as 3.5%, which means your monthly payment will be high of course between the low down payment and mortgage insurance until you hit 80% LTV, but still. You have first time home buyer options ! (I’m assuming you don’t know this already… sorry for bothering if you do. Happy holidays!)

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ScuttleCrab729 OP t1_j1gv8vo wrote

Yea sadly we’ve been on/off looking for 4 years now. We originally were content with the FHA/4%. But between our house goals and last years cash offers ours down payment goal has significantly increased. I do regret not settling on something simpler years ago but live and learn. We’ll get that house eventually.

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kamikazeknifer t1_j1i376y wrote

Ignore the "mortgage or bust" people. I can't find a similarly sized house that, after mortgage, PMI, property tax, etc, is cheaper than my current apartment in a multifamily home. It's always at least $600/mo more, often more than $1k more. Maybe if you move to East Bumfukkit in South Jersey, but at that point you might as well move out of NJ entirely.

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amplifiedgamerz t1_j1ig3bd wrote

I’m not a mortgage or bust person. OP said they wanted to buy a house.

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ScuttleCrab729 OP t1_j1ira78 wrote

Yea we shopped for a house the past year. For what we’re currently paying we’d get a rundown 2 bed 1 bath shack in the sticks that’d probably need a new roof within the first week. Rent is expensive but still the better choice until rates come down or we have a major down payment.

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