I am officially a home-loaner

[My Red 93Z-28]

Signed the paperwork today and the short sale I've been working on since the middle of September is finally mine. We're not moving in yet because we want to work on it first, but its mostly little things like paint. Glad it's done, but damn I'm broke now.

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[CatsTasteGood]

When I handed over a check for about $25k I got a nice sinking feeling. Did you get one of those, too?

[My Red 93Z-28]

Oh yeah...the real sinking feeling was last night when there was a bank error during the wire transfer and I was $30k in the red. Luckily that was fixed quickly

[Camride]

Congrats! It's nice to have your own place.

[96speed]

Congrats good luck. Pics of the house?

[GrdLockV6]

I don't plan on putting anywhere near $25k down on a house. My down payment will be more like 10-15k

[CatsTasteGood]

Originally Posted by GrdLockV6

I don't plan on putting anywhere near $25k down on a house. My down payment will be more like 10-15k

Why not? You like paying PMI?

[96speed]

Originally Posted by GrdLockV6

I don't plan on putting anywhere near $25k down on a house. My down payment will be more like 10-15k

Not to get off topic, but I was planning on something similar until I made an offer on a house and got the numbers back. The PMI can be a real biznatch. They used to do creative 80/20 loans but they are not nearly as common right now. A PMI for the house I was looking at was 150-175 bucks (house was well under 200k). If you can't put 20% down you are forced to pay the PMI (or MPI as some call it). To me, that's just money down the drain and a tax on being poor.

You can get financed without it and put the min 3.5% or so down depending on the type of loan, but the payment gets pretty stiff all of the sudden when you have that MPI/PMI. Put 20% down and you ditch that as well as lowering the principle of the loan. Win/Win.

Ryan

[Joe Bellman]

Originally Posted by CatsTasteGood

When I handed over a check for about $25k I got a nice sinking feeling. Did you get one of those, too?

I know what you mean. I wrote a check for $59k this summer for an addition I put on my place. Savings account looks terrible now....

[My Red 93Z-28]

Originally Posted by 96speed

Congrats good luck. Pics of the house?

I'll post some before and after pics later on after we do some work

[mdenz3]

Originally Posted by CatsTasteGood

Why not? You like paying PMI?

Maybe he plans on buying a cheaper house.

My PMI is only $19.95 a month, but I'll still be glad when it goes away in march.

[5SPDCHK]

Congrats on the house. It's a great time to get into the ballgame.

[MustangEater82]

I admit paying PMI sucks...

But I still think its better then paying rent for a few more years to save up and avoid PMI. Because in reality you probably are paying PMI, and someone elses equity as well.

[Blue89Bird]

Man I'd really love to sell my house right now and buy a larger one. The problem is I'd have to write a check for 25k just to do it, which would take up a significant portion of any down payment I'd be making on a new house.

[GrdLockV6]

Well, I'd really like to own a home by the time I'm 30. But I don't know. When I'm 29 I'll just wait and see what my options are, and maybe I'll end up waiting longer.