• YoBuckStopsHere@lemmy.world
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    1 year ago

    I can tell you’ve never bought a house if you think you need $200K to do it. It’s more like $20K down and you refinance after a year to get a lower interest rate.

    • MucherBucher@feddit.de
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      1 year ago

      I can tell your house is nothing like what I’d wanna live in. If you can get a house for maybe 70k, yeah a downpayment of 20k works.

      In most places a house will likely be 500k or above. Let’s just say 500k for the sake of argument… it’s a simple number for your simple brain. You’ll have to pay at least 20% up front. That’s 100k in my example. However, that’s quite an unreasonable thing to do in recent years, so I better suggest your downpayment be more than 30%, or 150k in this example. Generally, 40% is s very good downpayment in terms of long term financial security… that’s already 200k. So yes. 200k is what the average person should expect. 20k wouldn’t even get you the land.