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American dream of owning a home is dead, majority of renters say
(www.theguardian.com)
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this post was submitted on 12 Mar 2024
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There is a federal first time home buyer program even for non military members. You can put basically 0% down on your first house. You just also have to pay PMI until you have 20% equity in your home. So you are better off making as large of a down payment as you can but it can be as low as 0%. Of course there's still closing costs but that doesn't cost too much more than most rentals charge for a security deposit anyways. As far as PMI goes it isn't that expensive. With the PMI, taxes, and insurance included my mortgage payment on a 3 bedroom house is still less than rent on a 1 bedroom apartment in my area.
It's better than renting, but PMI is a racket and needs to be discontinued. It's a handout to the wealthy. The mortgage insurance is the property itself. If you don't pay your loan, they take the property. It's a hassle to foreclose a house, but I think mortgage lenders do just fine overall. They must assume some risk, it's part of the deal.
PMI is just another weight around your neck, it shouldn’t be normalized
It's BS but it's still better than renting. With house prices currently bloating like a roadside racoon corpse you can also get rid of it pretty quick.
This is accurate, same experience here. It's a good solution for new buyers, and the PMI cost should be a small expense relative to the alternative of having the full down payment.