Portal Forum General General Discussion Home Ownership Reply To: Home Ownership

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I got lucky with my house that I bought last year in that the sellers were a couple in the midst of a crappy divorce who wanted to dump the house right meow. So like fishingmn just said I got a FHA loan with the reasonable down payment and the sellers paid the closing costs. The sellers took it in the pants because when I first looked at the house they had it listed for $169,000…8 months later they lowered it to $147,500 and I got the deal done for $143,000 with them paying the closing costs. I realize that if I would have saved up more for a house my payment would be less but I probably wouldn’t be in as nice of a house as I now have right now. Each individual has to evaluate what they want to spend and how much they want to save up for a down payment before they “really” start looking. The reason we pulled the trigger earlier than saving up more was that our townhouse apartment complex was in the midst of renovating so rent was going to start climbing fast. If I would have stayed in the apartment I would be paying the same amount of money that I pay for my house per month at that apartment and I would have HALF the square footage of living space. The one downfall in my mortgage though is the PMI but considering the deal I got for the house I hope to be able to get the equity built up faster to work my way to having the PMI dropped.