Redfin chief economist Daryl Fairweather: "It seems like the only way to kind of get your foot in the door to the housing market is to have some help"
  • SeaJ@lemm.ee
    41·
    2 years ago

    You only need 3% of the loan for a down-payment. That would be $500k assuming OP did not add anything in.

    My parents helped my wife and I a bit. I grew up in a 1000 sqft house with 2-3 other siblings. I do, however recognize that not everyone’s parents were lucky enough to have that much stashed away but should still have the opportunity to purchase a home.

    • predictable_territory@programming.dev
      2·
      2 years ago

      That’s true in the US, but depends heavily on the country: if you’re buying in London, you only need 5% as a general rule, but other regulations push the average down payment to about 14% before purchasing is on the table. In the Netherlands, from my understanding, you wouldn’t need a down payment at all.