Yep. I think most have agreed that if your rent would be close to your mortgage, then it makes sense. Problem is finding something you like and would want to buy and stay in for a while that will meet that budget/standard.
I could very easily buy something affordable that is much less than what I’m paying in rent, but not in the area I would want to live in for years to come. I don’t really want to settle. I already have investment properties. Next place I get and I want to stay in for a while, so I guess I’m being picky about it.
I also have reserves, but would rather go the 3.5% down. As long as there’s cash in the bank and something to fall back on, then I would be comfortable doing it. Many still say 20% down and not have the PMI, but I’ve done 20% before and wish I had the cash during the hard times.
Life is too uncertain and for me, I wouldn’t do the 20% down again. Especially w/the way the economy is right now.
