Can't even get a condo for that price up here you winning breh
So im getting ready to put a downpayment for my first house
- Thread starter Dolla$
- Start date
I must have got fukked because I was paying at least 250 around that range
beenz
Rap Guerilla
I must have got fukked because I was paying at least 250 around that range
probably just depends on how risky the underwriters consider the loan. however, if your house has appreciated, you might have equity, and you can refinance to a conventional loan in order to get outta that.
live it to the limit
All Star
PMI is useless. I didn't have 20% and I had to go conventional. So o took on a 2nd mortgage that's only like $100 a month. PMI and FHA loans are not as good as people make them seem. Ex. I looks at a condo to do a FHA loan on for 163k. With PMI and all the other bullshyt my note would've been like $1400 a month
I bought my condo for 175k with a conventional loan and my notes like $1350
Bigger place, all my money going towards my bill. Not PMI with doesn't help the buyer. It's to cover the bank's ass
I bought my condo for 175k with a conventional loan and my notes like $1350
Bigger place, all my money going towards my bill. Not PMI with doesn't help the buyer. It's to cover the bank's ass
live it to the limit
All Star
Th
thats way too muchI must have got fukked because I was paying at least 250 around that range
sayyestothis
Free the guys
^^^600 a year??? What is ur mortgage? 100k or something.
And if your only putting FHA min down on a home its NOT easy to refinance out of PMI...you would need ur home to appreciate a TON quickly for it to be "easy". Most people's homes aren't appreciating over 15% like that...
Im out of that Loan now..I know I got raped I was like 22 when I first bought. This time Im doing my research
ahomeplateslugger
Superstar
I'll update the thread with pics in about a month. Construction for the house is almost done. Being built from the ground up.
Thanks, um I started the process in January/February it was fairly quick. And i did not have to talk the price down, im getting a 2600 square ft two family for about $210,000. Thats a good ideal imo
Nope
that's a dam good deal. you live in the south? that won't get you shyt but a 700-900 square ft condo in the the bay.
that's
you can get a home for as little as 3.5% down.
to be honest, most folks don't have 20% cash to put down on a house.
gonna have to research home buying a lot more now. i'm learning something new about this process everyday 
Congratulations 
Dolla$
Minus the bullsh*t...life's great
Na in Jersey, purchasing the home through an affordable housing program
BaldingSoHard
Banned
Goddamn I need to move to the south.
BaldingSoHard
Banned
Nothing about this is even close to accurate.
PMI is absolutely tax deductible (assuming you meet the requirements) and falls off automatically at 78% LTV. You can do it sooner if your LTV hits 80% and you have an updated appraisal showing it tho.
BaldingSoHard
Banned
I must have got fukked because I was paying at least 250 around that range
A month???
Did you buy a mansion breh?
sayyestothis
Free the guys
Nothing about this is even close to accurate.
PMI is absolutely tax deductible (assuming you meet the requirements) and falls off automatically at 78% LTV. You can do it sooner if your LTV hits 80% and you have an updated appraisal showing it tho.
^^^my loan PMI does not automatically fall off...I need to refinance out of it. I have checked 100 of times...
And no I cannot deduct my PMI due to my income...correct I should of rephrased that part of my post...