Down Payment

[newmom24]

If I am looking to purchase my first home for 168k. I have 9k down payment and 401k with 40k and a few share certificates worth 2k. Is it possible to get a house with PMI included for 1200 or less? I am in Florida.

[Anonymous]

Fico scores?

Otherwise with 5% down, look into FHA

[Anonymous]

Purchase price of 168,000... The avg taxes in FL are 1.50 and .50 for MI.  So just your taxes and insurance will be 280.00 and you can go to https://www.e-pmi.com/pmib/MIOrigination/GetRateServlet to get your PMI quote but lets use 1.40 and that 196 bucks.

$1,200 - $280 - $196 =$724  At a loan amount of 168K, 30 Years, and a payment of $724... Your rate would be 3.17% and on a 40yr it would be 4.21%. So if you can get these rates you are good to go.  

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newmom24 wrote:

If I am looking to purchase my first home for 168k. I have 9k down payment and 401k with 40k and a few share certificates worth 2k. Is it possible to get a house with PMI included for 1200 or less? I am in Florida.

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[Anonymous]

Nice way to say "No this is not possible"

[Anonymous]

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Timothy wrote:
Nice way to say "No this is not possible"

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[Anonymous]

Buy the neighborhood, instead of the $168K house - and only if you intend to remain in the house for three or four years.  My daughter and her husband bought a $150K wreck for $50K under the neighborhood value on a first time homebuyer 7% interest with no PMI.  They then completed repairs - paint, flooring, countertops, etc for $10K.  Now they have $160K in the house and it appraised at $200K, which allowed them to refinance the $150K at a lower rate, and meet the 20% down requirement to forgo PMI.  It was a lot of work, but they have what they wanted.