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The idea of a first time home buyer purchasing a $480,000 home with little or no down payment is just plain stupid. They should be looking at an older existing home at half that price.
Anyone planning to buy a home should be saving every dollar they can towards their downpayment. You dont just decide you want it and must have it......you have to save and sacrifice......and not expect it to be laid at your feet because you deserve it.
We are building new homes right now, with all the amenities, in the high 300's, and they are selling faster than we can build them. So thats $100,000 less than the example given.
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