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Buying a House
So I was talking to my mom and asked her how much DH and I have to save for a house. She told me we need 20% for a downpayment besides all the other costs. Is that right? Do DH and I have to save $70,000 before we can afford to buy a house (if we're looking at a $350,000 house)? If that's the case, we're going to live in an apartment forever and that just made me REALLY upset! I"m about to cry right now. I know NOTHING about buying a house and I REALLY want to be looking by this time next year.
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Posted 10/28/10 1:10 PM  |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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Re: Buying a House
You can get an FHA loan for as low as 3.5% down... 20% is ideal, but more often than not, alot of us just dont have that kinda $ lying around... I only put down 7% on a 275k home... our payments are fine... everyone will say to go for the 20% bc otherwise you will end up paying PMI... ours is $100 a month... its basically money you'll never see again... just like rent
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| Posted 10/28/10 4:27 PM |
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browneyes
All moms are working mothers!
Member since 8/08 4311 total posts
Name:
Super Mom
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Re: Buying a House
If you cant get the 20% then you will have to pay whats called PMI. Its a insurance thing. Its only for a couple of years too but i dont know all the details since we used a va loan (military) good luck and happy house hunting!
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| Posted 10/31/10 8:53 AM |
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ReddHeadd
LIF Infant
Member since 9/10 104 total posts
Name:
Jessica
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Re: Buying a House
A lot of home buyers right now are not putting down 20%. It is ideal but a lot of people are not doing it.
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| Posted 10/31/10 7:24 PM |
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