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First Time home buyer. Is 3% down even plausible in this market?

Hi! So my husband and I are currently in a rental home and we were planning to ride out this market until it calms down a bit. However, our landlord is looking to talk to us next week and I worry they might want to sell their house since it’s a seller’s market. We have been great tenants and all, but she would probably make a ton of money on this house, so I worry she is going to tell us she is selling. I just like to expect the unexpected and be prepared in case she tells us some bad news.

That being said, we are looking to see if its even possible to buy a house right now. Mortgage payments are not an issue at all. It’s the down payment (as it is for most first time home buyers I’m sure). We were told FHA loans are not worth it and to do a conventional. I know some conventional loans only require 3% down. My husband and I have great credit (750+)

My worry is with the competitive market, we wouldn’t even come close to being taken seriously. We live in Massachusetts and our jobs are too important to us to move out of state. But MA is extremely expensive to live. Renting somewhere else will also cost a lot more money than what we do now, so we are hoping we can buy.

TLDR: Might be forced to move out. Can we do 3% down on a house in this market or is it unheard of right now?

submitted by /u/RoverCrossing
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source https://www.reddit.com/r/RealEstate/comments/pynw59/first_time_home_buyer_is_3_down_even_plausible_in/
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