• runawaycorvid@lemmy.world
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    1 year ago

    I don’t have a great answer for you, but one thing I learned from buying my first house is that you don’t have to put down as big of a down payment as you might think. My wife and I did 3.5%. We were fortunate that we made a good amount and had good credit, but we had very little in savings. We were both putting a ton toward student loans.

    Although a small down payment is tough to swallow these days considering that means you’re financing more house at 7% plus.

      • runawaycorvid@lemmy.world
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        1 year ago

        Yes, but again because of our credit score and good DTI ratio, the PMI was very reasonable. Like $40/mo IIRC.

        We refinanced and got rid of PMI when the housing boom happened and our equity was suddenly over 20%. That was pure luck, but anyway it’s possible that rates will go back down during the next recession.