11-07-2006, 04:56 PM
Andy Wrote:Chad,
Buying a house with zero down is retarded. Speculative purchasing and poor financial standing creates housing bubbles.
The personal finance books I've been checking out says you should put 20% down unless you want to finance the down payment and closing.
Joan's uncle is the lead financial analyst for Dean Witter's eastern timezone/northern hemisphere and my uncle owns a real estate firm in NoVA for 20+ years and they both agree with having 20 percent down with another 10k in the bank.
It is not 'retarded' paying someone elses motage is 'retarded'. Have your uncle or whoever look up 80/10/10 or 80/15/5 loans. In fact, goto the bookstore and buy a book on home mortages for dummies to learn more.