Something to consider. With a lower down payment and with using FHA financing the Insurance Payment on the Mortgage you take out is higher every month. Generally speaking FHA charges insurance ranging from $150 -$250+ a month depending on your loan amount. Anyway, this is insurance that protects the lender from your defaulting. Now the more $$$ you put down, the easier it is to work with many more lending institutions which generally have mortgage insurance that is 50% less than the FHA, but as you know you are putting more money into the picture so the "risk" level drops. 18million American's walked away from their mortgages in the last 4 years those that didn't have more money in the game and have chosen that living in the home they fell in love with is worth it. Which i would agree with for the most part.
Here is a blog i wrote about home owner ship...
Best of luck to you.
ps. don't be in a rush, the market is going to stay low for a long long time...Which is good news for everyone!
Yes, as long as all the other requirements are met, like verifiable income, acceptable property, etc.
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