Buying a house?
Jan 18, 2015 21:21:02 GMT -5
Post by rach on Jan 18, 2015 21:21:02 GMT -5
Jan 18, 2015 15:44:59 GMT -5 @pianolove said:
I don't think this is true or it may depend on the loan.
For non FHA I believe it's illegal for them to continue charging PMI once you reach 80% loan to value.
Maybe it's different for different areas?
MIP for FHA *is* in place for the life of loan for loans closing June 2013 or later. It's a huge change. We closed end of May 2013 in order to squeak under the deadline...
We were able to buy for significantly less than the rent would be for a similar size house. We are paying $141 more in mortgage than we paid in rent, but our house is twice the size with a lot of extras. Additionally, our landlord was an asshole who never fixed anything. So honestly, our maintenance, while expensive, is something we weren't getting with rent.
Think about how much you are comfortable spending each month. Keep in mind that your utilities could be more expensive with a house as well. Then go talk to someone about a preapproval. Keep in mind that most Lenders will approve you for 36-41% of your gross income (before taxes) for all your debt payments, including a mortgage. I personally am not nearly comfortable at that ratio (and I'm in the mortgage industry!). Then decide if this is something you want to pursue.
If you decide you can afford it, I would try to do something relatively fast - or - wait until your baby is closer to a year. Moving while super pregnant would be noooo fun at all.