Its-a-write-off t1_iybiw7k wrote on November 30, 2022 at 4:04 AM

What kind of cash reserves do you have saved up? The expenses of owning come in bigger chunks then renting, especially with a fixer upper.

SmarterShelter OP t1_iybk66v wrote on November 30, 2022 at 4:15 AM

I've got about 100K, but wouldn't want to put all of that into the house in case of major repairs or job loss (and that includes my retirement savings).

mcmpearl t1_iybmih0 wrote on November 30, 2022 at 4:37 AM

Don't include your retirement savings. Leave it for retirement. Look to put down the smallest amt that leaves you with monthly expenses that you can reasonably pay. Look at FHA loans (regular and 203k), programs to help 1st time buyers, programs that help certain professions if you are in that profession (my area helps teachers for example). There are sometines programs for purchasing in certain locations. The programs are usually state or county based. Look at training programs for 1st time homebuyers.

SmarterShelter OP t1_iybn8a3 wrote on November 30, 2022 at 4:43 AM

Those are excellent tips... Thank you!

tdacct t1_iybputd wrote on November 30, 2022 at 5:08 AM

Be on notice about FHA loans. If you buy a house with minimum down payment, but then work really hard to get to 80% LTV; the FHA loan won't let you remove the PMI for 5 years anyway.