Hello all, I am 23 years old and about to buy a house. Here are my stats
17,000 in stock account
5,000 in checking
6,000 in savings
4,000 in 401k
2,000 in company sponsered retirment
I make around 65-70,000 a year, put up 12% in 401k, get a 6 percent match, and also get a company retirement plan.
I am getting married in 6 months, and want to buy a house pretty soon. My truck is paid for, I drive a company vehicle and free gas also, and have no student loans. My future wife starts working next week and will make 60k also.
Here is what I have seen. I qualified for a loan at 250,000, but I don't want to take out that much. I found a house for 180,000 that I like.
When I talked to the lender, they wanted me to do an 80-15-5 loan, meaning 5 down, 15 as a piggy back and the 80 as mortgage. I will probably do an 80-10-10, unless someone else has some better advice for me to avoid paying PMI.
Has anyone taken out a piggyback loan?
17,000 in stock account
5,000 in checking
6,000 in savings
4,000 in 401k
2,000 in company sponsered retirment
I make around 65-70,000 a year, put up 12% in 401k, get a 6 percent match, and also get a company retirement plan.
I am getting married in 6 months, and want to buy a house pretty soon. My truck is paid for, I drive a company vehicle and free gas also, and have no student loans. My future wife starts working next week and will make 60k also.
Here is what I have seen. I qualified for a loan at 250,000, but I don't want to take out that much. I found a house for 180,000 that I like.
When I talked to the lender, they wanted me to do an 80-15-5 loan, meaning 5 down, 15 as a piggy back and the 80 as mortgage. I will probably do an 80-10-10, unless someone else has some better advice for me to avoid paying PMI.
Has anyone taken out a piggyback loan?