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Help with my Pro & Cons, house vs apartment
H and I need to decide if want to buy a house or rent an apartment.
We initially were looking at houses thinking we'd have a down payment (H and FIL currently selling a house) but as it turns out, we wont have much, if anything.
We have good credit and are pre-approved for a loan putting 3.5% down and having to pay PMI.
H is leaning towards an apartment so we can save for a few years. I know the buying market is really good right now so I am leaning towards house. I would be fine with either, but we don't have a lot to base our decision off of. Can anyone offer advice based on their experience?
I know this is a dumb and general question, but I don't know anything about PMI and if its worth it, and I don't know who to talk to about this. I feel like a realtor or loan officer would push for a house because it gives them business.
Any words of advice, or information would be greatly appreciated!
Re: Help with my Pro & Cons, house vs apartment
I agree, go conventional with at least 5% down. FHA seems sooo tempting but the PMI and monthly payments are just higher than they need to be.
If you'd like I can share with you some loan breakdowns my mortgage guy ran for me FHA versus con
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I bought FHA with the 3.5% down. I also used a state program that provided the down payment interest free up to 5k. Please make sure you check into that. I will be paying PMI for 5 years. It is about $100 a month on my 110k loan
Ditto Georgia -
Be SURE you are financially ready to buy a house.
Home ownership is much more than the monthly payment. You NEED a well funded emergency fund - stuff happens and you are the lucky one to fix/replace/deal with the situ