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re: Buying a house
Posted on 10/22/12 at 6:57 am to CajunTigerBabe
Posted on 10/22/12 at 6:57 am to CajunTigerBabe
quote:
Most first time homebuyers do not put 20% down. You will have to pay MI unless you do a VA loan. However, RD MI is very cheap if you can qualify for it. Owning a home is better than renting.
How much is the upfront fee on the RD loan? You are still basically paying PMI, just paying it upfront rather than spreading it out. It can work better for some but the best is to just have 20% down.
2
Posted on 10/22/12 at 7:29 am to LSU1018
PMI usually isn't all that bad and goes away after a couple of years depending on terms of mortgage. Personally, I wouldn't let that stop you as long as you're not over your head otherwise.
20% can be a lot of cash especially for young home buyers. Another option to avoid PMI is financing some of the down pmt... Eg. 80/10/10.
20% can be a lot of cash especially for young home buyers. Another option to avoid PMI is financing some of the down pmt... Eg. 80/10/10.
Posted on 10/22/12 at 9:24 am to LSU1018
The UFMI on a RD loan is 2%. It usually gets financed back into the loan. Putting down 10-20% is usually best, however don't let that stop you from buying a home. If you are paying rent, you are paying someone else's mortgage plus. Call a lender to get preapproved and look at all of your options. Stay away from your small banks. Mortgage companies usually have better options for first time home buyers.
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