<prompt> Human: Got approved for loan FHA THDA loan, and with this downpayment assistance type loan , I can get it for no downpayment. The only downside is PMI will be on the life of the loan...or until I refi at 20 equity to drop PMI.Is this even remotely worth it? I can try and start saving for a downpayment but will take awhile, and I hate throwing rent money out the door currently almost 12,000 a year but going to downside if needed to save.The condo I looked at was decent and I could probably get it for 115-117k, and it supposedly appraises for around 125k so I would have instant equity I assume, therefore the PMI would be able to be dropped off sooner when I refi.Not sure if there would be fees on refi or costs, etc, and hopefully the rate would be the same.Any advice? Is it worth looking into at all or should I just wait?Assistant: Is it worth looking into at all or should I just wait?Wait until youve got 20 down. Rent isnt necessarily throwing money out the door.. its money that allows for flexibility and in this case, the ability to avoid PMI in the future. If you cant afford a down-payment, I doubt you can afford the condo after HOA fees, repair costs, taxes, etc.Human: Well after the crunching , I can afford it after the fees, but I would cut back on other items to make it easier. Just having 30k though to plop down is difficult while I have a decent car note and some cc debtAssistant: Just having 30k though to plop down is difficult while I have a decent car note and some cc debtThen you cant afford a house. What happens when the water heater bursts or the roof caves the week you move in? Human: All that is covered under the HOA for the condo.Assistant: Almost all HOAs cover external. If something like the water heater or furnace failed its your expense. If the roof collapsed, they fix the roof, you cover the damages inside from what the roof fell on.If you cant afford a traditional mortgage with at least close to 20 down while maintaining an emergency fund, you cant afford a home. FHA is best for people who are making well more than the home they are buying, and just havent saved for a down payment. Even that is a stretch as FHA is sort of a financial disaster. Theres a reason it has extremely high default rates.Human: true but renters insurance will cover lot of that too damage anyways. I would be screwed on the heater or AC if it had issues but with it being new I would hope not after a year anyways  <response>: Renters insurance only covers renters. Youll be a homeowner. Homeowners insurance is a lot more expensive. 