So gonna buy the house from my mother inlaw, what kind of loan is best for this? I contacted rodney anderson and they wanted either 10k down or they would add it to my loan, for a 80k loan my payment would be almost $800 at 4.5%, is that normal?? Are they still doing that program where they give you 10k for a down payment? ?
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Originally posted by Ruffdaddy View PostIf you're putting no money down then I would assume you're paying a few hundred in mortgage insurance. You also add in homeowners ins and property tax...800 seems right.
What term?
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Originally posted by CWO View PostSVTLurch
Originally posted by Ruffdaddy View PostIf you're putting no money down then I would assume you're paying a few hundred in mortgage insurance. You also add in homeowners ins and property tax...800 seems right.
What term?Originally posted by LeahBest balls I've had in my mouth in a while.
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Originally posted by bonnie&clyde View PostWell they originally told me 3% down which was ok with me so i saved up about 3k, as far as homeowners and property tax, do they have to be figured in with my monthly bill? Cant i just pay those at the end of the year??
Homeowners...paid up front annually
Mortgage insurance...price is based on how much you put down, and it's either paid up front in part of completely, or you pay monthly.
No insurance let's you pay after the fact.
Property tax may allow you to pay at the time of collection.
To be honest,if 800 is breaking the bank, or you can't pay enough up front...you may reconsider saving more and waiting till you can afford more unexpected costs. It costs more to own a house than most realize.
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That PMI is a pain in the ass, but a necessary evil if you don't have a huge down payment in the bank, and need a place to live while you put money away. I don't like throwing money away like that, so I'll definitely save up the 20% if/when we decide to get into a bigger home.
Still, $800 seems steep for an $80k note on a 30 year term.
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Originally posted by Big A View PostThat PMI is a pain in the ass, but a necessary evil if you don't have a huge down payment in the bank, and need a place to live while you put money away. I don't like throwing money away like that, so I'll definitely save up the 20% if/when we decide to get into a bigger home.
Still, $800 seems steep for an $80k note on a 30 year term.Last edited by slow99; 04-23-2015, 10:23 PM.Originally posted by davbrucasI want to like Slow99 since people I know say he's a good guy, but just about everything he posts is condescending and passive aggressive.
Most people I talk to have nothing but good things to say about you, but you sure come across as a condescending prick. Do you have an inferiority complex you've attempted to overcome through overachievement? Or were you fondled as a child?
You and slow99 should date. You both have passive aggressiveness down pat.
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Originally posted by slow99 View PostOr, if you value liquidity and actually invest your money. I opted to pay PMI, but you can have it removed after 2 years if your house appraises with enough equity. I'm doing that in July and didn't have to fork over the additional down payment.Originally posted by LeahBest balls I've had in my mouth in a while.
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Conventional loans can have PMI removed under the usual method as slow99 mentioned (appraisal verified equity).
FHA 30 year loans now have PMI for the life of the loan unless you put down 10%, and then it is mandatory for 11 years (unless you refi to conventional).
If you are required to pay PMI (<20% down) then you will be required to escrow your taxes and insurance.
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