5 millennials who became homeowners in their 20s share their best advice for buying your first house
Instead of purchasing a house, Harris and his girlfriend had a new house built in 2017 — and they used Florida's first-time homebuyer program to help afford it.
Qualifying for the program also qualified him for a Federal Housing Administration home loan that required a 3% down payment, Harris, who was 24 at the time, told Business Insider. "Since we only put 3% down on the loan, we elected to pay a monthly mortgage insurance of $109," said Harris, who oversees online and warehouse operations for a local interior-design firm."The way to get out of paying mortgage insurance is putting down 20% on the home loan. We plan on staying in this house five years or less. Paying mortgage insurance for five years will cost $6,450. Paying the 17% more at closing would have cost $34,680.
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