conversation: User (ticklemeelmo2016): "Hello,\nI am 28 years old and make about 50k a year salary. I have about 10k in savings account, and some retirement funds. I'm interested in purchasing a small home in my city that is very decent, and I could see myself living there for 5-10years \n\nI have no debt really. Just a small credit card balance and small student loan.\n\nThe house is 80,000. I can't put 20% down, but Bank of America gave me a pre-approval for 3% down on a conventional  loan @30yr fixed rate with NO PMI.  Estimated mortgage would be roughly 550 with taxes, insurance etc. this is quite affordable for me. \n\nDoes this sound like a reasonably good deal?? I know it's always good to put 20% down, but considering the low purchase price and no PMI, is this a bad deal?? "
  Self: "Another idea is to get a line of credit for the amount of the house. This can be better in the fact of everything you pay off you can use. \n\n\n-not American so not 100% on your rules but I would look into it "
  