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Buying my first house **update** offer accepted, I got a house.
ChadTower:
--- Quote from: lordtodd75 on February 14, 2008, 12:23:21 am ---Maybe you should reread my post and then try commenting again ;D I guess anyone who gets an FHA loan is an ---uvula--- since they are only putting 3 percent down? Not everyone can save up 20,000 to 40,000 dollars for a down payment.
I am not quite sure how you came to the conclusion that I am not researching, I thought I made it abundantly clear that I was in the process of researching the PMI fees and as I said in my prior post, I will be discussing all of this with my lawyer tomorrow. Just my .02, ofcourse.
--- End quote ---
Or he should just stop trying to give advice to people who act like a tool about it.
IIRC shardian spoke recently about using a first time buyer's loan on his own house and his down payment wasn't far from yours.
shardian:
--- Quote from: ChadTower on February 14, 2008, 08:35:54 am ---
IIRC shardian spoke recently about using a first time buyer's loan on his own house and his down payment wasn't far from yours.
--- End quote ---
I was fortunate to have a 20% down payment and did not have to pay the outrageous PMI. It takes a LONG time to reach the 80% mark the way payments and interest is structured.
I don't think buying would have even been in the plans if we did not have a small nest egg saved up.
ChadTower:
I think I only put down about 7%. I was out of PMI in 18 months, though, because the property value increased by about 30% in that time, changing my equity to well over 20%.
shardian:
--- Quote from: ChadTower on February 14, 2008, 09:57:41 am ---because the property value increased by about 30% in that time,
--- End quote ---
I don't think that will be happening in the current market.
ChadTower:
--- Quote from: shardian on February 14, 2008, 10:30:01 am ---I don't think that will be happening in the current market.
--- End quote ---
Fully agreed. I wasn't counting on it at the time, either. It just happened. I wanted no part of speculating on value increase being necessary to pull the deal off properly.
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