This. I was only able to get my first house after college because I did one of those “down payment side loans” and my folks gave me a couple grand as a kickstart.
Nowadays the only way I can afford a house that’s not smaller or on true shit condition is because I had 17 years worth of equity in my previous house and put a huuuge DP down.
Nah because they can’t afford a down payment.
This. I was only able to get my first house after college because I did one of those “down payment side loans” and my folks gave me a couple grand as a kickstart.
Nowadays the only way I can afford a house that’s not smaller or on true shit condition is because I had 17 years worth of equity in my previous house and put a huuuge DP down.
Giggity.
It’s all a predatory vicious cycle.
First time homebuyers don’t need a down-payment in the US. But payments will be much higher so it’s usually out of reach regardless.
You do need a down payment, it’s just much smaller, like 3.5%.