In the Old Testament of the Bible, in Proverbs, 22:7, It is stated that "The borrower is servant to the lender." In this day and age of buying a house, there is a lot of questions to be answered. Can we afford it? Should we go into debt to buy a house? Is this the best time to buy a house? And, there are a lot more questions. Is this the best thing for my family at this time? One of the best ways to decide this is the question, do I have any collateral? Friend, this collateral is a pad to help you not to pay un-necessary items such as mortgage insurance, which only benefits the lender and gives you more payment. One of the most difficult things to do at the present time we live in is to save money, but if you can save some money for a down payment,"collateral", you will not be in as much servantism as the one who buys a house with little or no down payment. As an appraiser for 29 years, I have witnessed a lot of people lose property just for this reason.
Have a blessed day!