Typical home price in my area is around 375k-400k.
This is the payment for a 375k home. JFC!
Discussion
Even crazier, VA loans have better than market rates.
Yes! VA loans are a slightly better rate, require no down payment, and no mortgage insurance. How TF can young people afford to buy a home today?
Another option might be looking for a duplex to purchase and rent out the other half. You can do that with an FHA loan or VA I believe.
Yes you can do that with a VA loan. You can also buy a mixed use property, like a store with an apartment above it if you're going to live in the apartment. I think at least 50% of the square footage has to be residential in that case. But that's something I would totally do. Open my own vape shop and live above it.
This is why I bought a fixer up trailer imma convert to fully off grid and eventually move onto some land. I'll own this place in 4yrs. Should be fully converted by then. Propane furnace is already in. 🫡
Can't buy one of those with a VA loan unless it's on a permanent foundation.
I just matched this situation but for a “normal person” doing a conventional loan. Gave them an 800+ credit score and they put 3% ($11,250) down. This gave them a 7.08% interest rate and the total monthly payment was $3,224 a month.
I matched the taxes and home insurance. Estimated PMI (not much estimation) was $300/month.
Got Dam
is this really surprising, with $0 down?
You're just jealous that I qualify for a zero down mortgage 🤷
it's just a question - how much do you think you should pay monthly, to eventually "own" a house, without putting any initial money towards it?
How much of it should go to interest vs paying off the principal is the sticking point for me.
Welcome to my rent for a tiny space that goes up annually
Na, mate! That ain't nothin'! An 1800 sq. ft. house in my area is goin' for £2 million+. EASILY!