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Real Estate
Reply to "Buying a home with a small down payment (3%)"
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[quote=Anonymous][quote=Anonymous]We did this with a FHA loan. Not sure why you want to avoid. In our experience it was good.[/quote] Because the mortgage insurance on an FHA loan is usually DOUBLE what it is for a conventional with 5 percent down (so long as you have good credit). OP, what is your price range? Try for a conventional loan with 5 percent down. It all depends where you live, but there are lenders who will work with you. Ignore people who say that you shouldn't buy without 20 percent down. It all depends. If you have a stable income, secure job, good credit and little, if any, other debt, then you might save money by buying instead of renting. Just stay within reason. Even if agents try to talk you into a more expensive home, find something where you're monthly payment (including P&I AND taxes AND insurance) is low enough that you'll be able to also save money for repairs (and build a rainy day fund). Best of luck![/quote]
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