10 Reasons Not to Buy a House


Down Payment

It's a bit harder to borrow a down payment since the housing bubble burst, but it's still possible to buy without having that cash on hand. If you can't make the down payment on your own, however, now is probably not the best time for you to purchase that house.

An additional loan or private mortgage insurance (PMI) means higher monthly payments, and that second loan that you're looking at as a down payment probably has a much higher interest rate than a 15- or 30-year fixed mortgage. You're probably better off focusing on saving up enough for a down payment before you take the home-buying plunge.