I'm 25, and I seriously considering buying my first property. I had some money in my Roth IRA that I was going to use for a down payment, but after reviewing the guidelines further I realized the money would have to be in there for at least 5 years for me not to incur any penalties. I don't want to wait 5 years to buy my first property.
Like a lot of people in my generation, I currently live at home. I really want to get ouf of this current situation within the next few months. I really want to get my own place. I figure why rent, when I can own.
A no down payment mortgage seems like an interesting option but I'm a little weary that it may be too risky. Do these type of loans generally carry higher rates? What are some of the risks involved?
2007-01-30
05:06:47
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5 answers
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asked by
acvader
2
in
Renting & Real Estate