• grue@lemmy.world
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    6 months ago

    (though if you’re sneaky and an utter idiot you could probably find some way to borrow for the down payment).

    I borrowed for my down payment. It was in 2009, and I bought a 3bed/2bath house in a major city for ~$100k that is worth probably close to $500k now.

    Am I an utter idiot, or are there circumstances where borrowing for the down payment is the right move?

    • xmunk@sh.itjust.works
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      6 months ago

      There are circumstances when it’s appropriate but it’s really risky. It’s extremely easy to find yourself underwater in debt if you’ve borrowed the full amount. In 2009 when the housing market had fully crashed it was probably an acceptable level of risk.