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Started By
Message
My renting/owning situation
Posted on 4/10/13 at 12:29 pm
Posted on 4/10/13 at 12:29 pm
It got buried in another thread and got only 1 response.
I have a couple basic questions about this. I'm in college and not sure which to do after college.
How much is a normal down payment (what percentage)? 20%?
What other costs are associated with owning? (Besides obvious maintenance)
What would be the minimum length of time you stay somewhere to own?
For example, I'm going to be a minister and might be at 3-5 churches throughout my life. And you can't move if your house doesn't sell.
I have a couple basic questions about this. I'm in college and not sure which to do after college.
How much is a normal down payment (what percentage)? 20%?
What other costs are associated with owning? (Besides obvious maintenance)
What would be the minimum length of time you stay somewhere to own?
For example, I'm going to be a minister and might be at 3-5 churches throughout my life. And you can't move if your house doesn't sell.
3
Posted on 4/10/13 at 12:34 pm to LSUTigers00884
Ideally you'd put 20% down to avoid PMI.
Other costs I'd think of would be homeowner's insurance, property taxes, and utilities.
Don't most churches still use parsonages?
Other costs I'd think of would be homeowner's insurance, property taxes, and utilities.
Don't most churches still use parsonages?
Posted on 4/10/13 at 12:36 pm to Venelar
Most offer temporary housing (like first 6 months for you to be able to find a place).
Posted on 4/10/13 at 12:37 pm to LSUTigers00884
I guess my biggest question is how many years would you deem it necessary to stay somewhere to buy a home?
Posted on 4/10/13 at 12:39 pm to LSUTigers00884
5 years minimum
Posted on 4/10/13 at 12:43 pm to LSUTigers00884
quote:3.5 for FHA. Conventional financing can range from 5%+. at 20% you don't have to pay PMI (mortgage insurance) anymore.
How much is a normal down payment (what percentage)? 20%?
eta:
quote:
What would be the minimum length of time you stay somewhere to own?
that depends on a lot of factors, the largest being the housing market in the city where you're buying. Generally I'd say 5 years, but as little as 3 years could make sense in a good housing market. Either way, you'll get more back out of selling a house than you would from getting out of a rental, unless the housing market bombs some more like it did a few years ago (I don't see that happening).
This post was edited on 4/10/13 at 12:46 pm
Posted on 4/10/13 at 12:46 pm to baytiger
are the FHA rules not changing? I thought I read somewhere that PMI will now be over the life of the mortgage. or am I making that up?
Posted on 4/10/13 at 12:47 pm to Chaplain
I have no idea. I've just been mortgage shopping and this is what the lender told me.
She also told me that it's possible to have a less-than-20% down payment, and then pay for 12 months, and get your house re-appraised. If you owe less than 80% of the value of the re-appraisal, it's possible to drop the PMI entirely.
She also told me that it's possible to have a less-than-20% down payment, and then pay for 12 months, and get your house re-appraised. If you owe less than 80% of the value of the re-appraisal, it's possible to drop the PMI entirely.
Posted on 4/10/13 at 3:11 pm to baytiger
So if there is no 20% down payment, the PMI is monthly? How much is that?
Also what factors if an area has a good housing market?
These are serious questions and I thank you very much for answering them
Also what factors if an area has a good housing market?
These are serious questions and I thank you very much for answering them
Posted on 4/10/13 at 4:12 pm to LSUTigers00884
PMI is typically 1% of the loan you took out for your home annually.
If the loan is $200k, then that's 2k a year in PMI. Tack that $166 to your monthly note. (I think this is correct)
I'm dealing with PMI, but it was worth it in my situation at the time.
If the loan is $200k, then that's 2k a year in PMI. Tack that $166 to your monthly note. (I think this is correct)
I'm dealing with PMI, but it was worth it in my situation at the time.
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