I just turned 23 and am looking to buy a house. I've rented

Here's one thing you need to know, put down 20%. I believe they changed the rules a few years back that if you don't put down 20% you have to carry private mortgage insurance the life of the loan. When I got my mortgage it was a minimum of 5 years and you could drop it when you reached 20% equity. Like I said though I think they make it mandatory for the life of the loan now. For a 200k mortgage it would add about 200 a month to your payment. Over 30 years that's an extra 72k you could have put in your pocket.

>>1014777

At least 20%.

Otherwise, best post and epic trips.

If this puts you in a position where the house you buy might be cheaper or smaller than you would like, just remember that it's better to be happier in a smaller house than a beggar in a large one.

>>1014777
It's not for the life of the loan just until you hold at least 20% equity in the home.

As others said, put at least 20% down or continue renting until you can. Creative financing options for down payment assistance available with mortgages (FHA especially) are a fancy way of saying you can't afford a home. Plus PMI is a total waste of cash.

>>1014782
I don't know I've never bought a home with less than 20% but that sounds more likely. Still, with a really low down payment it's going to be a while on a 30 year mortgage before you have 20% equity.

>>1014768
Talk to a mortgage broker. Pull credit, look at programs. Make a plan. Some smaller banks that have committees making decisions can make some pretty creative financing deals work.

Who cares about PMI if you can cash flow the property with roommates. FNMA has zero down loans again.

Could you take on a fixer upper?