Quote:
Originally Posted by ranchlandsselling
I think in your scenario it's the $80 k downpayment that most people would cringe at. Now change that to $400 k home, $20 k down, $389,500 mortgage, $863.51 biweekly and I'd agree with you - that's pretty ok sounding.
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I agree. I mean who can really afford that kind of coin for a down payment? Say you can save $500 per month for a dp... its going to take over 13 years to come up with the cash... and who knows what kind of dp would be required in 13 years?.... $120,000?
I don't envy the young today who are trying to get into the housing market. Its got to be nearly impossible without help from a family member or someone else who would be willing to lend/give them the $$$$ for the down payment.