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re: My renting/owning situation
Posted on 4/10/13 at 12:43 pm to LSUTigers00884
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
1
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?
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