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Wait until you have enough for 20% down and an emergency fund. Don’t rush.
I would also recommend waiting to have an emergency fund before buying the house. However, I went ahead and bought a house with 10% down and no emergency fund, but I had full support of my parents in case I ever needed the money. Are you planning to buy a condo or a house? Condo has less chances of unexpected repairs however with a house the chances of urgent repair are higher. Can you afford these unexpected expenses? If you think you will be saving up a lot by not renting, I would suggest look at RTO offered by investors. With current interest rates, you might get a good deal on RTO or outright purchase.I would also recommend to get a mortgage with HELOC.
I’ve gotten out of PMI by getting an appraisal later when I had 20% equity. I was so broke getting into that home I had to cook on my barbecue all summer. I couldn’t afford a stove. I’m never going below 3 months living expenses in savings. 6 months ideally. Be willing to make some short term comfort sacrifices after purchasing to get back on track. There is a decent chance of higher unemployment in the coming year. But we can’t live our lives on what if or we’d never own a home. We just mitigate the risk with the emergency fund. When people are worried it’s the best time to be buying. Also don’t be afraid to offer lower than asking. I just made a 325k offer on 355k asking and it was accepted. If you don’t ask you’ll never get a better deal. So 30k off, 15% down, if it appraises I’ve got 20% equity. Double check with lender on when PMI can be removed. Or if it would be applied in that situation.