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Trixxxxxi t1_j1j4o9w wrote

Reply to comment by tedgurdfjjbv in What does a $50,000/year job look like in the Springfield area? by tedgurdfjjbv

I was also shocked. My credit is good, but that's it. Never owned a house, no massive amount of savings. If I bought a 250k house no way would I have had a down payment for that much.

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tedgurdfjjbv OP t1_j1jupys wrote

So interesting! If I may ask, how much did you have in savings? I have about $30,000 and everything I have is paid for.

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SafeFrosting1819 t1_j1nw3pk wrote

If you can afford it, a 20% down payment will secure you a good rate with most banks and you can avoid PMI (additional required fees for not having enough equity.) I suggest making that a priority when you consider what house you can afford. (I’ve bought 4 different houses in Springfield over the past 20 years and played the market well and safely enough, enough times, to roll a 20k down payment into 200k in equity today.)

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