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re: I need some advice with my house building/loan/PMI
Posted on 2/23/13 at 11:27 am to TIGRLEE
Posted on 2/23/13 at 11:27 am to TIGRLEE
Are you not saving any money by building it yourself?
I would think that, combined with the land already owned and the cash you can put down would get you above 20%. Appraisers suck though.
What's you rough price per SF looking like, and does it compare well? That's mostly all appraisers seem to even look at.
I would think that, combined with the land already owned and the cash you can put down would get you above 20%. Appraisers suck though.
What's you rough price per SF looking like, and does it compare well? That's mostly all appraisers seem to even look at.
2
Posted on 2/23/13 at 12:30 pm to TigerDeBaiter
Problem with the math here. Set me straight.
Land is 30k equity.
You said you had 30k cash for down payment.
Say 15k after sale of current house.
That is 75k right? Building 300k house on 30 k lot should equate to appraisal of 320-340k. 75k should be about right to eliminate pmi from the discussion.
Land is 30k equity.
You said you had 30k cash for down payment.
Say 15k after sale of current house.
That is 75k right? Building 300k house on 30 k lot should equate to appraisal of 320-340k. 75k should be about right to eliminate pmi from the discussion.
Posted on 2/23/13 at 7:07 pm to TigerDeBaiter
Im not a carpenter. 
Guess I worded that wrong.. Im having it built.
Id like to keep as much of my cash as I can,, have few other things Im gonna have to pay for with this deal.
SQ is around 2700-2900. Two diff houses we are considering building.
Guess I worded that wrong.. Im having it built. Id like to keep as much of my cash as I can,, have few other things Im gonna have to pay for with this deal.
SQ is around 2700-2900. Two diff houses we are considering building.
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