Re: How much would I need to make a down payment on a HOME...
I wouldn't consider it without 20% down myself.
If you can't afford it I Would start small, condo townhouse, and move up. In California everyone in our families did this, we all owned a HOUSE at 25 (all in the $600k range - that is a starter house out here today) while our friends are still trying to figure out (yet turn up their nose at living in a condo - they still rent an apartment then - sure that makes sense).
Where there is a will there is a way. Get a 2nd job to save, start smaller, etc., etc. These are all things we did to make it in a crazy market. Waiting 10-15 years was not an option with real estate rising 20% per year. But for now you can take advantage of the slow market and wait wait wait and save save save.
With 20% down and a fixed rate we have never sweated our mortgage, and never been scared by falling prices. I know too many people with ARMs and no down payments who are just running scared today. Be careful. If you can put a little less down with a fixed mortgage, I don't think it is the worst getting in before the magic 20%. But I Would try to be awfully close.
Good luck!
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