Hammer beat me to it, but yes. There is not a scenario where you can purchase a house without a down payment and have a loan to value low enough to avoid PMI if you are using a traditional lender. Using a seller's mortgage it is a possibility, but not with a bank or mortgage company.
Also, tax assessed value is not an appraisal, and for all you know the house could appraise at significantly less than purchase price. Cities and towns often do not change tax assessed values in a down economy as quickly in order to earn more taxes even after properties have been devalued.
I'm sorry you weren't able to get the house. But....
My advice is to back to the Garden, and become comfortable managing all the new accounts you have. Believe it or not it is a big change to monitor more than just 2 or 3 accounts, and adding a house to that mix would be another big departure from what you are used to.
Also, tax assessed value is not an appraisal, and for all you know the house could appraise at significantly less than purchase price. Cities and towns often do not change tax assessed values in a down economy as quickly in order to earn more taxes even after properties have been devalued.
I'm sorry you weren't able to get the house. But....
My advice is to back to the Garden, and become comfortable managing all the new accounts you have. Believe it or not it is a big change to monitor more than just 2 or 3 accounts, and adding a house to that mix would be another big departure from what you are used to.
