- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Buying House
Posted on 8/10/18 at 8:17 pm
Posted on 8/10/18 at 8:17 pm
Im looking to buy my first house next year in the $185,000-$250,000 range. I have a good credit score and some money saved. Do I necessarily have to put a down payment on it? If so how much? Thanks.
5
Posted on 8/10/18 at 8:26 pm to Tigersbr2nola
Depends on what you buy. Could be anywhere from 0-20%.
Posted on 8/10/18 at 9:36 pm to Tigersbr2nola
location matters the most. buy a shitty fixer uper.
Posted on 8/10/18 at 10:41 pm to Tigersbr2nola
If you can afford to put an down payment, do it. Otherwise you will be paying mortgage insurance for the life of the loan or until you can refi. (check the exact % you would need)
Then again if you can't afford it, PMI isn't the end of the world.
Then again if you can't afford it, PMI isn't the end of the world.
Posted on 8/10/18 at 10:51 pm to Jackie Chan
PMI sucks arse. If you have it, pay the 20%, I didn't and I'm paying an extra $200 for PMI and giving my money away.
Posted on 8/11/18 at 9:18 am to Tigeralltheway
Rural Development loan is 0% down. FHA is 3% down I believe.
Like others have said, avoid pmi.
Like others have said, avoid pmi.
Posted on 8/11/18 at 11:36 am to Tigeralltheway
quote:
PMI sucks arse. If you have it, pay the 20%, I didn't and I'm paying an extra $200 for PMI and giving my money away.
I was able to avoid PMI with a 10% down payment through a credit union.
One thing you definitely don't want to do is an FHA loan though if you don't have the 20%
Posted on 8/11/18 at 11:58 am to Powerman
You should avoid PMI if you can. But if it will take you another year or two to save up the 20% needed, higher interest rates may mean your payment will end up higher by waiting. Just something to consider.
I pay PMI and if I refinanced today to get rid of it, my payment would go up without putting significant cash down.
I pay PMI and if I refinanced today to get rid of it, my payment would go up without putting significant cash down.
Posted on 8/11/18 at 4:30 pm to ATLdawg25
200 in pmi a month? So over a 400k house without 20 percent down? That seems unresponsable.
Posted on 8/11/18 at 6:23 pm to Tigersbr2nola
Any ideas on an interest rate hike in the near future?
Posted on 8/12/18 at 9:59 am to tigerbacon
quote:
That seems unresponsable
I am more than comfortable. My logic doesn’t apply to all cases. In my position, the area I wanted to buy in was appreciating so fast that in the time it took to save 20%, the purchase price would have been out of my range.
I am ok with paying $200 PMI for a few years rather than paying >$200 a month due to higher purchase price and interest rate for the life of the loan.
Posted on 8/12/18 at 12:38 pm to Tigeralltheway
You don't have to put 20% down to avoid PMI. You can do an 80/10/10 and avoid it.
Posted on 8/12/18 at 12:56 pm to Tigersbr2nola
Slight hijack, but have wanted some feedback on my situation regarding pmi
Family friend is selling us his rental house (for our primary residence). Fantastic area. Homes are selling routinely for 350+ and he's selling to us for about 300. I could pool some fund to come up with 20%, but it needs some updating so I'd like to put down 15% and use the rest to update. Mortgage guy has me at .017% pmi for the year, so only an extra $30-40 a month, and the home is practically guaranteed to appraise at 80% LTV in two years when I request to have pmi removed.
Maybe I'm wrong, but in my case i believe putting down 20% is not necessarily a must-do
Family friend is selling us his rental house (for our primary residence). Fantastic area. Homes are selling routinely for 350+ and he's selling to us for about 300. I could pool some fund to come up with 20%, but it needs some updating so I'd like to put down 15% and use the rest to update. Mortgage guy has me at .017% pmi for the year, so only an extra $30-40 a month, and the home is practically guaranteed to appraise at 80% LTV in two years when I request to have pmi removed.
Maybe I'm wrong, but in my case i believe putting down 20% is not necessarily a must-do
Posted on 8/12/18 at 1:02 pm to fillmoregandt
quote:
Homes are selling routinely for 350+ and he's selling to us for about 300.
Must be a good family friend if they are giving you 50k towards your house.
Page 1 of 1
Back to top
Follow TigerDroppings for LSU Football News