[quote=jpinpb]I made this comment on other threads. Setting aside even whether someone w/70k would buy in Clairemont – I have money to put down, 20%. And for the longest time my intention was to put that down.
But w/the way the economy is, I am less inclined to put all of it down. If I can get and FHA loan w/3 or 5% down, I’d almost rather go that route, especially if I’m buying today, or before bottom, let’s say.
I’d rather have cash on hand for emergency than tie it up in a house. And since the bottom is hard to predict and I may find a house I would buy, potentially it could lose more equity and there goes my money.
So unless it’s some screaming deal, forget about 20% down. That’s how I feel about it.[/quote]
I would definitely want to maintain a strong cash reserve. You will pay more in interest and/or PMI though for that extra security. These days it is probably worth it.
