Rents are up 40 percent in some cities

Re:Rents are up 40 percent in some cities by weatherlite on Monday January 31, 2022 @12:15AM (#30144785)

Well, you're kinda right but houses are the most expensive they've ever been. You need a hefty downpayment which is gonna take a lot from your savings. It's not like houses are given for free now.

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Re:Rents are up 40 percent in some cities by bdcravens on Monday January 31, 2022 @12:28AM (#30144864)

For first-time homeowners, you only need 3.5% + closing costs for an FHA. That can represent several thousands of dollars, but there's plenty of folks with $600+ car payments and $100+ cell phone bills living in apartments, so it's not like saving up $10-15K is completely unreasonable.

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Re:Rents are up 40 percent in some cities by cobookman on Monday January 31, 2022 @12:37AM (#30144938)

You can "house hack" by continually moving into the house you buy. Each time you move you need just 5% down. https://www.biggerpockets.com/forums/311/topics/857256-fha-l...

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Re:Rents are up 40 percent in some cities by weatherlite on Monday January 31, 2022 @12:29AM (#30144875)

OK where I live that's impossible, you need 25% down and it's very expensive, realistically it will take most of your savings. For 3.5% downpayment, if the interest isn't too high, I'd take it yesterday.

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Re:Rents are up 40 percent in some cities by bdcravens on Monday January 31, 2022 @05:27PM (#30155577)

Where are you located? FHA is available to pretty much anyone in the US. (though depending on the market, since some sellers will choose not to consider FHA buyers)

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Re:Rents are up 40 percent in some cities by cobookman on Monday January 31, 2022 @12:36AM (#30144922)

There's 0 down 30 year fixed mortgages. https://liberty.financial/lending/mortgages/community-hero-1...

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