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Why does everyone think you need 20% down for a house?
I keep hearing people say you absolutely need 20% down to buy a home, but thats just not true for most cases. I bought my place in Phoenix 3 years ago with only 5% down through an FHA loan, and my monthly payment is totally manageable. The PMI only added like $80 a month, way less than waiting 5 more years to save up 20%. Has anyone else here bought with less than 10% down and regretted it?
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karen_sanchez107d ago
Bought my first place 10 years ago with 3% down and honestly it worked out fine for me. @the_joel, I think the bigger thing people miss is how much cheaper it can be than renting in some areas. Had a friend who waited to save 20% and got priced out of the whole neighborhood.
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