Posted on: 30th Dec, 2012 07:30 am
My wife and I are relatively new to the US, we live here as permanent residents (been here for 3 years) and will become citizens in the next 5 years. If someone could help with a few questions I would be most grateful.
We are looking to buy an apartment, what sort of down payment is typical? I assume 20% is a minimum, but would 10% work?
We have a combined annual income of $200K, no kids, solid credit rating (750), good work history both in the same line of work for 15+ years, although I have recently changed jobs. We have no loans and use about 20% of our credit limit on credit cards each month and pay the balance in full each month.
We are looking at property in the $275K-$350K in the metro area of Minneapolis MN. Given the above financial and immigration situation are offers likely?
Thank you.
We are looking to buy an apartment, what sort of down payment is typical? I assume 20% is a minimum, but would 10% work?
We have a combined annual income of $200K, no kids, solid credit rating (750), good work history both in the same line of work for 15+ years, although I have recently changed jobs. We have no loans and use about 20% of our credit limit on credit cards each month and pay the balance in full each month.
We are looking at property in the $275K-$350K in the metro area of Minneapolis MN. Given the above financial and immigration situation are offers likely?
Thank you.
Hi britinmpls,
If you want to go for a conventional loan, then you will be liable for paying 20% down payment. If you give 10% down payment, you may have to go for a private mortgage insurance (PMI). Apart from that, your financial situation seems to be good enough to get qualified for a mortgage.
Thanks
If you want to go for a conventional loan, then you will be liable for paying 20% down payment. If you give 10% down payment, you may have to go for a private mortgage insurance (PMI). Apart from that, your financial situation seems to be good enough to get qualified for a mortgage.
Thanks
Thanks James,
Assuming we were to go with a 30K down payment on a 300K condo with a 15 yr mortgage, what would the impact of PMI be on a monthly basis? I'd like to understand if we would be better waiting to raise the additional 10% down payment or whether we should push the button and go with 10% down?
Thanks in advance.
Assuming we were to go with a 30K down payment on a 300K condo with a 15 yr mortgage, what would the impact of PMI be on a monthly basis? I'd like to understand if we would be better waiting to raise the additional 10% down payment or whether we should push the button and go with 10% down?
Thanks in advance.
Hi britinmpls,
I personally feel that it will be a better option if you could wait for some more time and save another 10% down payment and then apply for the loan. In the long run, getting rid of the PMI might be difficult for you.
Thanks
I personally feel that it will be a better option if you could wait for some more time and save another 10% down payment and then apply for the loan. In the long run, getting rid of the PMI might be difficult for you.
Thanks
Thanks again. Does anyone recommend an independent review site for the pro's and cons of PMI? Or if it is not too much trouble can they be summarised in a few points?
Hi britinmpls!
Welcome to forums!
Check out the given page to know all about PMI:
http://www.mortgagefit.com/pmi.html
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Check out the given page to know all about PMI:
http://www.mortgagefit.com/pmi.html
Feel free to ask if you've further queries.
Sussane