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Real Estate
Reply to "Buying a home with a small down payment (3%)"
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[quote=Anonymous]OP, I think it would be helpful if you tell us how much you make, and how much you pay in rent. also, is $15K all you have? as others have told you, you need to buy closing costs, which I think are about 3% of the purchase price. also, and this is really important, when you rent, the rent is your only expense. when you own, you have maintenance costs that are not negligible, and can be unpredictable. when we bought our home, the after two weeks of turning the heat on the furnace broke (beginning of long weekend with 20 degrees outside). we had to pay $7500 for a new furnace. so not only you need savings as a safety net, you also need a budget for yearly expenses on the house (a condo may be less, but you pay condo fee on top of mortgage). also, are you sure you cannot save in rent? if you do not have kids (so no schools issue and do not need space), maybe sharing a place in less desirable areas in DC and outside would save you a lot[/quote]
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