Also, it would require every friend to have savings to put down a down payment and also credit good enough to actually qualify. That’s on top of finding 3 or 4 friends you’re willing to live with.
Maybe first-time home buyer programs? But those are like 3% typically so it wouldn’t get you there and that’s before including closing costs, moving costs, and possible repairs.
Also, it would require every friend to have savings to put down a down payment and also credit good enough to actually qualify. That’s on top of finding 3 or 4 friends you’re willing to live with.
4 people with 5k each can get almost 20% down on a 350k propery. Thats pretty decent except in the most expensive cities
Do you think that 20% of $350k is about $20,000? I feel like I’m missing something important here .
Maybe first-time home buyer programs? But those are like 3% typically so it wouldn’t get you there and that’s before including closing costs, moving costs, and possible repairs.
Except they explicitly said “nearly 20%”. Which is blatantly false. Terrible at basic math. And this is why people will remain poor
350,000 x 0.20= 70,000
70,000 / 4 = 17,500
17,500 - 5000 = 12,500
Each person would need 17,500 for a 20% down payment, 12,500 more than the 5000 quote.