Quote:
Originally Posted by TurtleCreek80
An emergency fund isn't just "a good idea", it's a CRUCIAL amount of cash every American- whether renter or buyer- should have. If credit cards are your plan, you don't have a plan.
NO ONE should buy a home without:
-20% down payment saved up in cash
-closing costs & moving expenses saved up in cash
-6-12 months of living expenses saved up in liquid accounts left over after down payment & closing costs
-funding 401k and/or IRA accounts to the max
OP is not financially ready to buy a home and it would be best to walk away and not close at this point. If you're stealing from retirement accounts to cover closing costs, you aren't financially prepared to buy.
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LOL Pipe dream. I would bet maybe 10% of people put down 20%
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