According_Surround_7 t1_iw3013e wrote on November 12, 2022 at 3:51 PM

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

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.

Tarmaque t1_iw7ouas wrote on November 13, 2022 at 4:31 PM

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

According_Surround_7 t1_iw7v7jt wrote on November 13, 2022 at 5:14 PM

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.