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I say go for it! There does NOT have to be 20% down: They can go FHA loan route, and pay 3.5% down payment (KEEP the additional RESERVES - FIRST time homebuyers ALWAYS underestimate amount of repairs/maintenance that pop up in a year!) They have steady and secure (I am afraid to use this term right now but heck) jobs as teachers in NY.. with more than adequate in bank and no debts...all looking good! FHA loan right now are at or below 5% (if you buy points which ARE tax deductible, as is the mtg interest!)
I agree. They seem to be in a fiscally good situation. Maybe just 10% down and pay double payments as long as they are comfortable doind so. rent money is just like putting your cash in the shredder especially if this is where they planning on spending the rest of their days.
There is no chance of anything less than 20 percent down. This is a co-op apartment that requires 20 percent down, no less. Such is the co-op market in NY. There are a few 10% buildings but not many.
I think they are going to a few open houses today including one at that particular unit. I'll see which way they are leaning later.
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