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SVTPerformance's Chain of Restaurants
Road Side Pub
20% downpayment on a new house
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<blockquote data-quote="rotor_powerd" data-source="post: 13383933" data-attributes="member: 76391"><p>A note on PMI-</p><p></p><p>This is the way it is with FHA loans, not sure about conventional. PMI is on the loan for 5 years or until 20% of THE ORIGINAL LOAN AMOUNT is paid, whichever is longer. That means that you could put down $59,000 on that house, but still be stuck with PMI until you pay 20% of the remaining $241,000. </p><p></p><p>I would put down 20% if it isn't going to completely wipe out your savings. We have been in our house for almost a year, and I can tell you from personal experience that house stuff isn't cheap when it breaks. If you can't put down 20% comfortably, then put down the least amount required, and work on accelerating your payments to get rid of the PMI as soon as possible.</p><p></p><p>FWIW, PMI on our $260,000 FHA loan is about $230/mo. That adds up to a nice chunk of change. The circumstances for buying this house opened up and we jumped on it when we didn't have 20% to put down comfortably, so we are stuck with it for a while. We did get a 3.25% rate though, so not all bad.</p></blockquote><p></p>
[QUOTE="rotor_powerd, post: 13383933, member: 76391"] A note on PMI- This is the way it is with FHA loans, not sure about conventional. PMI is on the loan for 5 years or until 20% of THE ORIGINAL LOAN AMOUNT is paid, whichever is longer. That means that you could put down $59,000 on that house, but still be stuck with PMI until you pay 20% of the remaining $241,000. I would put down 20% if it isn't going to completely wipe out your savings. We have been in our house for almost a year, and I can tell you from personal experience that house stuff isn't cheap when it breaks. If you can't put down 20% comfortably, then put down the least amount required, and work on accelerating your payments to get rid of the PMI as soon as possible. FWIW, PMI on our $260,000 FHA loan is about $230/mo. That adds up to a nice chunk of change. The circumstances for buying this house opened up and we jumped on it when we didn't have 20% to put down comfortably, so we are stuck with it for a while. We did get a 3.25% rate though, so not all bad. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
20% downpayment on a new house
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