Anonymous wrote:
Anonymous wrote:Never a good idea to only put 10% down on a house, and in most cases yes, you will have to pay PMI.
Why not? It would probably take another 5+ years to save 20% while renting a place large enough for our family. By then, we might be completely priced out. We are looking way under what we're qualified for so we can comfortably afford the monthly payment with only 10% down. It seems like a better idea than renting until we're 40.
I wouldn't worry about being priced out. Prices probably will go down with new tax code and loss of mortgage interest deduction, etc., although interest rates could go up. The 20% down rule is there in case you lose your job you don't lose your house, among other reasons. Nothing wrong with renting until you jade even the d/p, and don't let realtors or mortgage brokers tell you otherwise.