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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="PSUCOBRA96" data-source="post: 13384113" data-attributes="member: 54826"><p>We just did 10%, one because the houses we were looking at needed work so we needed money now. Don't forget you have to come up with closing costs and ours was about 14k. So we save about another 4.5% that was originally for a down payment for a house renovation. </p><p></p><p>We also got a conventional loan so it is likely we will be able to get out of PMI about two years into the loan when we have everything reappraised with the new improvements. When I say new improvements I mean total gutting except a few walls. New floors, electric, plumbing, kitchen and an added master bath that never existed. It depends what your situation is and what you are buying.</p></blockquote><p></p>
[QUOTE="PSUCOBRA96, post: 13384113, member: 54826"] We just did 10%, one because the houses we were looking at needed work so we needed money now. Don't forget you have to come up with closing costs and ours was about 14k. So we save about another 4.5% that was originally for a down payment for a house renovation. We also got a conventional loan so it is likely we will be able to get out of PMI about two years into the loan when we have everything reappraised with the new improvements. When I say new improvements I mean total gutting except a few walls. New floors, electric, plumbing, kitchen and an added master bath that never existed. It depends what your situation is and what you are buying. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
20% downpayment on a new house
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