No debt is "good" debt. A home is one of the volatile investments one can make since so many little factors can effect it (and thus you).
Look into why the home is being priced so low, has it been sitting for a long time?
If you are in a slump market understand that home will get cheaper still in time. Rates are favorable now but if you have a considerable amount of cash sitting you can do better things with it investment wise.
If you do take the plunge lock down a flexible deal for as short amount of time as possible, why one wants a 20yr+ monthly bill is beyond me.
Make sure you factor in costs such as taxes, title/transfer costs (if applicable), costs of upkeep, and renos.
What City do you live in? IMO unless you live in places such as DC or NYC, or other Cities that have a large employment base with high demand prices will still drop or be in a comma for quite some time. estimates point to prices being in the dumpster till (at least) 2015-2017 which would be 10 yrs from when the market started to unravel and take a nose-dive.
If prices are cheap and you want in then you should have at least 50% down or just buy with cash. If that is not an option do the smart thing and rent. Owners sitting for a long time are desperate for cash, you can rent for the same if not less then a mortgage with no extra costs on your hands, no upkeep costs either. Plus you can take you 25 large and spread it around in some solid investments that would give you way better returns.
Look into why the home is being priced so low, has it been sitting for a long time?
If you are in a slump market understand that home will get cheaper still in time. Rates are favorable now but if you have a considerable amount of cash sitting you can do better things with it investment wise.
If you do take the plunge lock down a flexible deal for as short amount of time as possible, why one wants a 20yr+ monthly bill is beyond me.
Make sure you factor in costs such as taxes, title/transfer costs (if applicable), costs of upkeep, and renos.
What City do you live in? IMO unless you live in places such as DC or NYC, or other Cities that have a large employment base with high demand prices will still drop or be in a comma for quite some time. estimates point to prices being in the dumpster till (at least) 2015-2017 which would be 10 yrs from when the market started to unravel and take a nose-dive.
If prices are cheap and you want in then you should have at least 50% down or just buy with cash. If that is not an option do the smart thing and rent. Owners sitting for a long time are desperate for cash, you can rent for the same if not less then a mortgage with no extra costs on your hands, no upkeep costs either. Plus you can take you 25 large and spread it around in some solid investments that would give you way better returns.