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Old 06-10-2009, 07:46 PM
 
61 posts, read 266,559 times
Reputation: 41

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Just have a question. We have been in our starter home for 3 years now and we planned to stay for 5 years. Now worrying about possible inflation in the future and huge rise in interest rates, we thought about selling next spring and that would make it a total of 4 years in the house. The homes in our neighborhood have kept their value and I could sell the house without a loss after realter fees, etc. We wanted to raise the cash for the downpayment on our next house instead of relying on the equity in our home. In one year we will have 15% down in cash on a 250,000 house and will have $10,000 in closing costs. We will also have an emergency fund and refuse to dip into that for a downpayment. Combined we bring home $5,800 after taxes per month and we have no credit card debt. Our FICO scores are around 790. The question is do they have second mortgages now or are they gone forever. We just won't have the exact 20% down in a year, but we dont want to wait 2 years when interest rates may be upwards to 10% and then we will never leave our starter home We love our current house, but have had some crime issues in the neighborhood and are ready to get out!
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Old 06-10-2009, 11:38 PM
 
220 posts, read 984,312 times
Reputation: 170
You should be able to put down 15% with good credit, you just have to buy PMI.
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Old 06-11-2009, 09:44 AM
 
Location: Wake Forest, NC
835 posts, read 3,745,617 times
Reputation: 648
There are currently lenders who still go up to 90% with their 2nd mortgages. Can't speak for next year, but as mentioned PMI is also an option.
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