smart. also purchase money in ca is non recourse, which means if prices go way down you could give the house back to the bank and they couldn’t come after you (not that, as a mortgage broker, i am recommending or would ever recommend that to any prospective buyer), but with little or no $ down you would have very little risk, of course your credit would be ruined for awhile…
you can do 100% financing if you are a vet, or if the property is located in certain areas, 100% with usda rural, otherwise fha with 3.5% down is your best bet right now.
just make sure you don’t overpay for the house; your monthly payment with 97 – 100% financing, after the write off, should be close to what the property would rent for…
