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NetQuarterLatte t1_iw05nko wrote

Reply to comment by ChrisFromLongIsland in New York City Is Failing Tenants. So They’re Getting Organized by ethnt

I think part of giving a path to homeownership for people should include some form of lower transaction/tax costs for people buying their first home.

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According_Surround_7 t1_iw3013e wrote

The FHA home loan program reduces the downpayment on a mortgage from 10-20% to 3.5% which means savings of a couple thousand rather than tens to hundreds of thousands.

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Tarmaque t1_iw7ouas wrote

3.5% down on a $500,000 studio the size of a closet is still a lot more than “a few thousand”.

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According_Surround_7 t1_iw7v7jt wrote

Its still a significant boon to first time home buyers size of home irrelevant. $17,500 (3.5%) down is a couple months savings in NYC $100,000 (20%) is a couple years. Sure its a small studio, but it's a studio very close to work surrounded by amenities in a city where most people spend very little time at home. There is also crazy value in locking in cost of housing while costs around you rise and not having to own a car or insurance and maintenance for said car.

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