I've been thinking about this. I really need a house and looking. The prices are very stupid. But I'm paying astronomical unforgiving rent that just went up + storage. If and when there's a correction, am I just forever fucked yet again? And the thousands of others that bought? These past 4 years came at a very bad time for me.
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Use an FHA loan. Prices will go up fast when rates come down. An FHA loan allows a Streamline Refinance to lower your interest rate without having to go back through the qualification process. If the property value increases, you will most likely refinance into a Conventional Mortage and drop the Mortgage Insurance Premium. I spent a decade in lending and my mother was a Real Estate Broker for 45 years. My first home had a 9.75% rate on a 15-year mortgage in the 80's and my parents had an 18% interest rate in the 70's under Carter as president.