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First time home buyers dont usually have 20%. People post first home usually have that amount accumulated. Its not really that big of a deal as pmi is usually $30-$100 a month on your mortgage which is affordable to those who only have the minimum 3.5%.
Also to mention house prices are going through the roof.
That's how I bought my condo. I was never in a position to save enough money for a down payment, but by 52, I was making enough that I knew I could easily make mortgage payments because I was already paying high rent, so I took a few thousand bucks out of my NYS pension account, which doesn't show up as borrowed money on a credit report, and used that for a 3.5% FHA down payment. I paid extra and killed the PMI early (it was around $70 a month but of course dropped as I paid down principal), and ten years later, I've refinanced to a conventional mortgage with a lower rate.
It always amazed me when I was younger that people my age would find these ways to get big down payments--parents handed them a wad of cash, or they got an inheritance, or in two cases had been in accidents and got big payoffs from lawsuits. The first two weren't going to happen to me, and I didn't really want the last one, lol, which usually came with pain and/or permanent damage.
Anyway, hoping the price spike will last into spring, when we will sell my late mother's house.
That's how I bought my condo. I was never in a position to save enough money for a down payment, but by 52, I was making enough that I knew I could easily make mortgage payments because I was already paying high rent, so I took a few thousand bucks out of my NYS pension account, which doesn't show up as borrowed money on a credit report, and used that for a 3.5% FHA down payment. I paid extra and killed the PMI early (it was around $70 a month but of course dropped as I paid down principal), and ten years later, I've refinanced to a conventional mortgage with a lower rate.
It always amazed me when I was younger that people my age would find these ways to get big down payments--parents handed them a wad of cash, or they got an inheritance, or in two cases had been in accidents and got big payoffs from lawsuits. The first two weren't going to happen to me, and I didn't really want the last one, lol, which usually came with pain and/or permanent damage.
Anyway, hoping the price spike will last into spring, when we will sell my late mother's house.
How much are you looking to list it at? I'm in the market and I'm expecting a generous City-Data forum member discount
How much are you looking to list it at? I'm in the market and I'm expecting a generous City-Data forum member discount
HAHAHA, we sat with the RE agent and she said around $550K, but that's for a house that needs a lot of updating. It's six BRs, three full baths, on half an acre, but the tile in two of the bathrooms is the original from 1957 and the one added on upstairs is from 1970. The biggest room in the house is a huge country kitchen. There is no dining room. Whoever buys it will likely want to knock out the wall, redo the kitchen, and turn it into an open concept.
HAHAHA, we sat with the RE agent and she said around $550K, but that's for a house that needs a lot of updating. It's six BRs, three full baths, on half an acre, but the tile in two of the bathrooms is the original from 1957 and the one added on upstairs is from 1970. The biggest room in the house is a huge country kitchen. There is no dining room. Whoever buys it will likely want to knock out the wall, redo the kitchen, and turn it into an open concept.
The taxes are around $17K
that is pretty high taxes for a house of that price. i think you should sell it to hudson for 400k.
HAHAHA, we sat with the RE agent and she said around $550K, but that's for a house that needs a lot of updating. It's six BRs, three full baths, on half an acre, but the tile in two of the bathrooms is the original from 1957 and the one added on upstairs is from 1970. The biggest room in the house is a huge country kitchen. There is no dining room. Whoever buys it will likely want to knock out the wall, redo the kitchen, and turn it into an open concept.
HAHAHA, we sat with the RE agent and she said around $550K, but that's for a house that needs a lot of updating. It's six BRs, three full baths, on half an acre, but the tile in two of the bathrooms is the original from 1957 and the one added on upstairs is from 1970. The biggest room in the house is a huge country kitchen. There is no dining room. Whoever buys it will likely want to knock out the wall, redo the kitchen, and turn it into an open concept.
The taxes are around $17K
Too much house for me, but good luck on the sale.
Quote:
Originally Posted by CaptainNJ
that is pretty high taxes for a house of that price. i think you should sell it to hudson for 400k.
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