80/20 loan - Saab General Bulletin Board - Saabnet.com
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80/20 loan
Posted by NickR (more from NickR) on Mon, 28 Mar 2005 12:42:18
In Reply to: Help for 1st time home buyer......, Todd N, Mon, 28 Mar 2005 11:43:17
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I had great luck with an 80/20 loan on a 3-family I have. It's actualy 2 loans, one for 80% of the value and the other for 20%. I had the seller pay closing costs. The interest rate is slightly higher (about 1/2 point) but you can avoid PMI and get in for no $. I bought my house with less than $800, including a home inspection (house was $340k). The multifamily income helped offset the mortgage, i pay about half what my tenants do.
I ended up saving about $150 a month vs. going with an FHA loan, plus that extra interest I pay is tax-deductible.
posted by 208.253.178...
Posts in this Thread:
- Help for 1st time home buyer......, Todd N, Mon, 28 Mar 2005 11:43:17
- Thanks everyone....., Todd N, Tue, 29 Mar 2005 07:11:07
- Bring your checkbook (long), nypb, Mon, 28 Mar 2005 21:05:09
- Re: Help for 1st time home buyer......, cryptical, Mon, 28 Mar 2005 20:39:06
- Get a home inspection!, Saabpilot , Mon, 28 Mar 2005 17:41:31
- Speaking of 1st......, Rafe, Mon, 28 Mar 2005 14:54:34
- A few thoughts..., Noel, Mon, 28 Mar 2005 13:39:28
- Pre-approval set.....more ???'s, Todd N, Mon, 28 Mar 2005 13:29:49
- 80/20 loan, NickR, Mon, 28 Mar 2005 12:42:18 <-- Viewing This Message
- $$$$$$, ChuckD , Mon, 28 Mar 2005 12:38:22
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