Quote:
Originally Posted by Sylvanfan
Is it getting the mortgage or is it the down payment? From what I hear thats now the biggest obstacle for the first time home buyer...at 5% you're needed like 15 grand to get your 5% down which is tough when you see what people are having to pay for rent. Certainly the last two and a half years were really tough for people saving because house prices pretty much went from like 175 to 400 for an average house. So folks who were trying to save like 5 grand over the course of 12 months for their downpayment were having the market outpacing what they could save along with the other pressures to try and keept saving. Certainly a year where prices hold steady will be welcome relief for those trying to save up.
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yes, but rents have also gone up. So I can save less now than before, so it takes longer to save the $5000, let alone the $15,000. However, as a first time buyer, I do believe I can get the downpayment included in the mortgage, no? Regardless, being single and only making $40,000/year makes it impossible to get any mortgage at all. I'd need to get one with someone, and no one I know can afford one either.