Short of it...
House looking at building is around 300k
I have little bit over 10% of that in cash
15-20k equity in my current home
6 acre plot of land I own to build on.. appraised for 30k.
I can do a 89% loan on the consrtuction.. my banker told me most mortagage co gonna want the 20%..
Ive searched the post history and read basically every thread on here tonight about PMI and it seems most are against it..
I think Id rather pay an extra 100-200 month for PMI on my mortgage than have to come up with 15-20k out of my pocket...
30k value of land
10-15k money leftover after selling current house
60K is 20% down.. that comes to me shelling out at least 15k, prob closer to 20.
somebody that has experience with this feel free to tell me whats up.
i dont think FHA loans are avail for new construction, we make too much for RD.
Banker mentioned upon completion we could do a 95% no cash refi,.. not sure exactly what that means either.
Seems like building is far more to it than just buying.
This post was edited on 2/23 at 8:54 am