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  #21  
Old 08-20-2013, 03:19 PM
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Quote:
Originally Posted by Laurelin View Post
How much money do you need to save on addition to the downpayement? I've always heard 20% downpayement to get out of PMI?
20% will negate PMI. We put down 20% and spent another $20k the first year we had the house. We put up a new fence, found a leaky wall in the bathroom and opted to remodel the whole bathroom (since the whole shower had to be torn apart) at that point, and had to have our deck resurfaced or risk having to replace the whole deck. Obviously those weren't emergencies, but I'm glad we had the cash to do it.
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  #22  
Old 08-20-2013, 03:23 PM
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You could also go look at open houses for older homes and newer homes. Then you can get an idea of what you like and what you don't like without feeling pressured.
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  #23  
Old 08-20-2013, 03:50 PM
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I'm so terrified I don't have enough after the 20%. Ack I get all excited and comfortable with my timeline then get cold feet. And all my friends think I'm crazy because they did FHAs with 3.5% down.
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Old 08-20-2013, 04:01 PM
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Originally Posted by Laurelin View Post
I'm so terrified I don't have enough after the 20%. Ack I get all excited and comfortable with my timeline then get cold feet. And all my friends think I'm crazy because they did FHAs with 3.5% down.
We did an FHA at 3.5% and it's been challenging when it comes to the bigger projects (we still have our temporary fence in place 3 years after moving in lol) since even the 3.5% was tight, but the payments themselves are still very do-able. In your shoes I'd be tempted to put less down and put some of the 20% into a savings account for future projects.
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Old 08-20-2013, 09:14 PM
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We also did the 3.5% FHA, but we bought a foreclosure knowing it was going to need work.

The payments are FAR cheaper than renting anything except a hovel in the area, and we got acreage with our house. If we paid double our monthly mortgage payment now, we could pay the house off in less than ten years. Right now though, we're working on getting a cushion of savings built up and comfortable.
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Old 08-20-2013, 09:40 PM
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Honestly when my lender ran the numbers, FHA was going to cost me MORE than traditional loan.
Obviously I went with the traditional loan.
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  #27  
Old 08-20-2013, 09:52 PM
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My maths are failing but how would an FHA cost more?

Buying a house here that is approx twice what my rental is worth will cost about the same for monthly payments as what I am paying now. and that's with < 20% down. Depressing thinking of all my money going into renting a crappy place.
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Old 08-20-2013, 10:03 PM
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FHA has a higher insurance premium, an annual premium associated with it (which NEVER go away for the life of your loan, and their premiums have been going up), additional closing costs, and other fees on top of that.

Here's a news story from this February on the subject:
http://articles.latimes.com/2013/feb...arney-20130210

Quote:
He estimates that with the FHA's new fees, an applicant with a 720 FICO score making a 3.5% down payment on a $250,000, fixed-rate, 30-year FHA mortgage will pay $144.66 more a month than a borrower with the same credit score on a conventional loan of the same amount with a 5% down payment and private mortgage insurance.

Even with a 680 credit score, the conventional loan is cheaper by $85 a month based on the FHA's new fee levels, Stamets said. And those monthly premium payments can be canceled at the 78% loan-to-value level, whereas the FHA will keep charging them for the life of the mortgage.
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  #29  
Old 08-20-2013, 10:06 PM
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I didn't even know you could get conventional loans with <20%.

I clearly need to talk to mortgage people.
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  #30  
Old 08-20-2013, 10:10 PM
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Absolutely - that's where PMI comes in! Conventional loans with PMI.
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