re: First time homebuyer

quote:

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Yeah in that time that you are trying to save to 20%, you're spending a lot more on rent. So where would you rather waste the money? On rent or in PMI/interest?

ETA: I do get the idea of 20%, though. But it's more to the tune of not living above your means. That's the biggest problem many have.

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Agreed. I think both of those guys are actually correct.

Yes, people are getting too much house with too much leverage (ie: we collectively didn’t learn squat 10 years ago)....but, people need to evaluate their own financial situations and make the right choice for themselves. That might mean grabbing that FHA loan and putting down 3.5% today as opposed to waiting years, particularly in this interest rate and housing environment.