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re: We have saved 60k and my fiancée and I have no debt please help.
Posted on 8/21/17 at 10:31 am to hungryone
Posted on 8/21/17 at 10:31 am to hungryone
quote:
Can you afford a duplex or small quadplex? You're renting; you could BE the landlord. Consider investing in rental property that you can also occupy (if you plan to stay in that area).
I don't think we can afford anything here. We were told that we needed 20% of the asking price.
3
Posted on 8/21/17 at 10:40 am to AcetylCoA
The board usually recommends 20% down because it eliminates PMI (mortgage insurance) which adds 100-200 a month to your note.
As a first time homebuyer you can put less than 20% down and buy a house.
One reason everyone suggests purchasing a duplex or triple or 4 pled is because although it costs more you can potentially live in it for free or at a much reduced rate.
As a first time homebuyer you can put less than 20% down and buy a house.
One reason everyone suggests purchasing a duplex or triple or 4 pled is because although it costs more you can potentially live in it for free or at a much reduced rate.
Posted on 8/21/17 at 2:24 pm to AcetylCoA
Also your cap before you hit the jumbo market is $636,150ish where you live 
My wife and are in a similar situation and are using our money to put down 5% and closing costs
ETA: We plan on buying a home with an English basement we can rent out
My wife and are in a similar situation and are using our money to put down 5% and closing costs
ETA: We plan on buying a home with an English basement we can rent out
This post was edited on 8/21/17 at 2:25 pm
Posted on 8/22/17 at 11:17 am to AcetylCoA
quote:
don't think we can afford anything here. We were told that we needed 20% of the asking price.
Develop a relationship with a small business or commercial banker - they would like your business - just go and sit down with them.
This board can help with questions such as cash flow, appraisals, closing costs, rate, term, amortization, renters, property insurance, taxes, business entity structure, etc. for a quadplex or duplex.
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