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Old 11-03-2014, 11:51 AM
 
Location: Plainfield
70 posts, read 210,577 times
Reputation: 31

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Since 2013 I believe you basically have to pay PMI (or whatever they call their version) on the life of an FHA loan (excluding military), making any conventional loan more attractive. The difference between 3.5% and 5% isn't much for the ability to ditch the PMI on the loan eventually.

IMO, spending the max amount you are qualified for is pretty risky. We felt comfortable with the payments a full 100k under what the bank would lend us. There are so many things that pop up that I never imagined, I would be stressed constantly if we stretched ourselves as thin as possible.
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