I had all kinds of benefits thanks too the native American home loan program and my income was more than sufficient to purchase a much larger house than I did but even buying one of the cheapest houses in the neighborhood, my down payment was $22,000.
If I had not had 22,000 on hand I could not have bought the cheapest house in the neighborhood when it cost less than three times my annual salary.
I bought my first home with an FHA loan, 3.5% down was only $5k. Today that’s $15k for a median home, three times the median savings of a person under 35.
Down payments are meant to gatekeep the poor from ownership so that landlords can continue to exist.
I had all kinds of benefits thanks too the native American home loan program and my income was more than sufficient to purchase a much larger house than I did but even buying one of the cheapest houses in the neighborhood, my down payment was $22,000.
If I had not had 22,000 on hand I could not have bought the cheapest house in the neighborhood when it cost less than three times my annual salary.
I bought my first home with an FHA loan, 3.5% down was only $5k. Today that’s $15k for a median home, three times the median savings of a person under 35.