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Vent: Everyone told me to get a 20% down payment, but I bought with 5%
I kept hearing you absolutely need 20% down to avoid PMI and get a good rate. My partner and I only had about $15,000 saved last year in Phoenix. We used an FHA loan and put down 5% on a $280,000 condo. Our PMI is $120 a month, but we started building equity right away instead of waiting three more years to save. Has anyone else bought with a low down payment and been glad they didn't wait?
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evan_morgan811mo ago
Totally! My buddy did that in Austin. He got in before prices went nuts.
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jones.grace1mo ago
Austin's median home price is still under $500k, which seems pretty normal to me.
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