Originally Posted by OLDMAN
I wouldn't put that much money down on that amount of a loan. At 5.5% your monthly P&I would be around 455 a month for 80K and about 655 for 115K depending on what your taxes and insurance are if you want to escrow them also they would be in addition to that base payment.
Keep your money for your own use or invest it in something other than your home. You may want it to remodel to your tastes, even on a new home.
really? I've heard that you should put down as much as you can afford right off the bat. when I got to a bank to get pre-qualified I'm going to discuss my options with them. since I'm moving to AZ I'm starting to think that I should start off with a short term lease(3months), and then buy after I get the lay of the land. that would also allow me to build up some more money till I buy. good point about the remodeling, I'm sure I'm going to want to upgrade certian things once I move in. a kegorator is high on my list.
Originally Posted by KriS1
Im considering one but Ive always been sceptical about them. Entry level "cheap" homes in my area are going for 350-400k. How the hell are normal people just starting out supposed to able to afford that?
exactly, thats why I'm moving to AZ where a normal person can afford a house. well at least for now, AZ is one of the hottest housing markets in the country.