How much have you saved down?

[kev374]

Well, my QUESTION is how much have you guys saved up in cash for a downpayment?

[barnaby33]

Collectively or as individuals? I’ve got 20%, but I’m not going to say of what. I’ll also say I leave my doors unlocked quite often, but not what my address is.

Josh

[barnaby33]

Collectively or as individuals? I’ve got 20%, but I’m not going to say of what. I’ll also say I leave my doors unlocked quite often, but not what my address is.

Josh

[barnaby33]

Collectively or as individuals? I’ve got 20%, but I’m not going to say of what. I’ll also say I leave my doors unlocked quite often, but not what my address is.

Josh

[nostradamus]

One HUNDRED mmm-MILLION DOLLARS! mwaaaaahahahaha

[img_assist|nid=5287|title=|desc=|link=node|align=left|width=466|height=494]

[nostradamus]

OK seriously, cash is a hot topic lately. The question should be: DO you want your wealth sitting in cash at the moment? More specifically, do you want your wealth in cash in US dollars?

Although we do see a downward trend, home prices are sticky so if you’re a real Pigg and waiting for the bottom it won’t be for at least another year and probably another several years.

If you have a good chunk saved for a downpayment and aren’t buying until you feel home prices have reached equilibrium with fundamentals, the value of your cash likely will decline alongside the price of homes. If you’re sitting on a pile of “downpayment” cash I strongly recommend you consider putting it in a place which will help to preserve or increase value.

[ibjames]

any suggestions on where to stash?

[JWM in SD]

In the short term, almost any currency other than USD. Longer term, the carry trade currencies: YEN and CHF. they will eventually unwind.

[blackbox]

I don’t understand the question.
I was saving to get a 100% option arm.
Have a kick ass car, however…………

haha

[blackbox]

I don’t understand the question.
I was saving to get a 100% option arm.
Have a kick ass car, however…………

haha

[blackbox]

I don’t understand the question.
I was saving to get a 100% option arm.
Have a kick ass car, however…………

haha

[JWM in SD]

In the short term, almost any currency other than USD. Longer term, the carry trade currencies: YEN and CHF. they will eventually unwind.

[JWM in SD]

In the short term, almost any currency other than USD. Longer term, the carry trade currencies: YEN and CHF. they will eventually unwind.

[ibjames]

any suggestions on where to stash?

[ibjames]

any suggestions on where to stash?

[nostradamus]

OK seriously, cash is a hot topic lately. The question should be: DO you want your wealth sitting in cash at the moment? More specifically, do you want your wealth in cash in US dollars?

Although we do see a downward trend, home prices are sticky so if you’re a real Pigg and waiting for the bottom it won’t be for at least another year and probably another several years.

If you have a good chunk saved for a downpayment and aren’t buying until you feel home prices have reached equilibrium with fundamentals, the value of your cash likely will decline alongside the price of homes. If you’re sitting on a pile of “downpayment” cash I strongly recommend you consider putting it in a place which will help to preserve or increase value.

[nostradamus]

OK seriously, cash is a hot topic lately. The question should be: DO you want your wealth sitting in cash at the moment? More specifically, do you want your wealth in cash in US dollars?

Although we do see a downward trend, home prices are sticky so if you’re a real Pigg and waiting for the bottom it won’t be for at least another year and probably another several years.

If you have a good chunk saved for a downpayment and aren’t buying until you feel home prices have reached equilibrium with fundamentals, the value of your cash likely will decline alongside the price of homes. If you’re sitting on a pile of “downpayment” cash I strongly recommend you consider putting it in a place which will help to preserve or increase value.

[nostradamus]

One HUNDRED mmm-MILLION DOLLARS! mwaaaaahahahaha

[img_assist|nid=5287|title=|desc=|link=node|align=left|width=466|height=494]

[nostradamus]

One HUNDRED mmm-MILLION DOLLARS! mwaaaaahahahaha

[img_assist|nid=5287|title=|desc=|link=node|align=left|width=466|height=494]

[patientrenter]

I’m not sure why everyone is so afraid to say their number. I have $180K in cash earmarked for a future home purchase. I plan to make a down payment that’s (well) over 50% of the price.

Patient renter in OC

[patientrenter]

I’m not sure why everyone is so afraid to say their number. I have $180K in cash earmarked for a future home purchase. I plan to make a down payment that’s (well) over 50% of the price.

Patient renter in OC

[patientrenter]

I’m not sure why everyone is so afraid to say their number. I have $180K in cash earmarked for a future home purchase. I plan to make a down payment that’s (well) over 50% of the price.

Patient renter in OC

[The OC Scam]

PR in OC

With 180k way would you put more than 50% down?

You could by 1 home with 20% to live in and purchase some cheap rentals with the other cash in the next year or two?

Just curious…

[patientrenter]

I’ve thought about that, OC Scam, but I am not familiar with the rental market. I’ve never owned my own condo or house, so I’d need to research the [email protected] out of the purchase of a rental, and I can’t do my own home repairs. From comments experienced people have made here, it seems that rentals in OC (where I live) aren’t even close to generating cash.

One thing I’ve thought about is buying a small complex, for maybe $1 million or thereabouts. If I got 3-5 units, then I could live in one and rent the rest. If the initial cash flow were negative, but less than my current ($1425/mo) rent, I would be happy. Over time, as rents went up and my loan balance went down, I could look forward to more and more income from rent, while I lived there.

Do you think that prices of rental units will be going down much? Are they high now? Where do I learn that market?

Thanks, OC Scam

Patient renter in OC

[barnaby33]

4plexowner is probably the guy to ask on that. By his own admission he did well buying small rental units last decade and selling into the boom.

As to where to park cash, ask Rich. Thats his new day job.

Josh

[barnaby33]

4plexowner is probably the guy to ask on that. By his own admission he did well buying small rental units last decade and selling into the boom.

As to where to park cash, ask Rich. Thats his new day job.

Josh

[barnaby33]

4plexowner is probably the guy to ask on that. By his own admission he did well buying small rental units last decade and selling into the boom.

As to where to park cash, ask Rich. Thats his new day job.

Josh

[patientrenter]

I’ve thought about that, OC Scam, but I am not familiar with the rental market. I’ve never owned my own condo or house, so I’d need to research the [email protected] out of the purchase of a rental, and I can’t do my own home repairs. From comments experienced people have made here, it seems that rentals in OC (where I live) aren’t even close to generating cash.

One thing I’ve thought about is buying a small complex, for maybe $1 million or thereabouts. If I got 3-5 units, then I could live in one and rent the rest. If the initial cash flow were negative, but less than my current ($1425/mo) rent, I would be happy. Over time, as rents went up and my loan balance went down, I could look forward to more and more income from rent, while I lived there.

Do you think that prices of rental units will be going down much? Are they high now? Where do I learn that market?

Thanks, OC Scam

Patient renter in OC

[patientrenter]

I’ve thought about that, OC Scam, but I am not familiar with the rental market. I’ve never owned my own condo or house, so I’d need to research the [email protected] out of the purchase of a rental, and I can’t do my own home repairs. From comments experienced people have made here, it seems that rentals in OC (where I live) aren’t even close to generating cash.

One thing I’ve thought about is buying a small complex, for maybe $1 million or thereabouts. If I got 3-5 units, then I could live in one and rent the rest. If the initial cash flow were negative, but less than my current ($1425/mo) rent, I would be happy. Over time, as rents went up and my loan balance went down, I could look forward to more and more income from rent, while I lived there.

Do you think that prices of rental units will be going down much? Are they high now? Where do I learn that market?

Thanks, OC Scam

Patient renter in OC

[The OC Scam]

PR in OC

With 180k way would you put more than 50% down?

You could by 1 home with 20% to live in and purchase some cheap rentals with the other cash in the next year or two?

Just curious…

[The OC Scam]

PR in OC

With 180k way would you put more than 50% down?

You could by 1 home with 20% to live in and purchase some cheap rentals with the other cash in the next year or two?

Just curious…

[The OC Scam]

PR in OC

I have become very interested in them because of my last landlord who owned 20+ homes around Southern California.

The landlord had a group of plumbers, electricians, craftsman, etc that he would call for repairs. He explained to me how they had built this collection over the years and always purchased in low markets.

I currently have been looking primarily at college town property. College town property I know can be very risking with damage control renters. Checking the craigslist and the OC register for rentals I go and check them out to see up close to find out what fixtures they are using also windows, doors, quality of carpet, tiles to help get idea when you compare the MLS.
I think the duplex idea is a great one. I know a family friend that purchase an 8 unit complex in La Mirada, CA for 300k in the 90s and sold for over 1 mil a couple years ago. Then he made a big mistake and purchase an estate in La Quinta at least I think he made a mistake!

We have 115K for our next purchase.

[The OC Scam]

PR in OC

I have become very interested in them because of my last landlord who owned 20+ homes around Southern California.

The landlord had a group of plumbers, electricians, craftsman, etc that he would call for repairs. He explained to me how they had built this collection over the years and always purchased in low markets.

I currently have been looking primarily at college town property. College town property I know can be very risking with damage control renters. Checking the craigslist and the OC register for rentals I go and check them out to see up close to find out what fixtures they are using also windows, doors, quality of carpet, tiles to help get idea when you compare the MLS.
I think the duplex idea is a great one. I know a family friend that purchase an 8 unit complex in La Mirada, CA for 300k in the 90s and sold for over 1 mil a couple years ago. Then he made a big mistake and purchase an estate in La Quinta at least I think he made a mistake!

We have 115K for our next purchase.

[The OC Scam]

PR in OC

I have become very interested in them because of my last landlord who owned 20+ homes around Southern California.

The landlord had a group of plumbers, electricians, craftsman, etc that he would call for repairs. He explained to me how they had built this collection over the years and always purchased in low markets.

I currently have been looking primarily at college town property. College town property I know can be very risking with damage control renters. Checking the craigslist and the OC register for rentals I go and check them out to see up close to find out what fixtures they are using also windows, doors, quality of carpet, tiles to help get idea when you compare the MLS.
I think the duplex idea is a great one. I know a family friend that purchase an 8 unit complex in La Mirada, CA for 300k in the 90s and sold for over 1 mil a couple years ago. Then he made a big mistake and purchase an estate in La Quinta at least I think he made a mistake!

We have 115K for our next purchase.

[jimmyle]

Would I be able to get a loan with less than 20% down payment in this market? Right now I have about $75K in stocks and cash and can borrow another $30K from my brother.

Assuming that I will buy a $520K house, and put down 15% ($78K). Will I have enough cash for closing cost? My sister-in-law is a realtor and she waives her fee.

Also, Can I borrow the remaining $442K? If I can, how much PMI will be?

I would be a first time home buyer, is there any assitance from the government that I can use?

Thanks,

[Raybyrnes]

Jimmyle,

Depending upon income limits and home prices there are State and Federal Programs for first time homeowners.

http://www.calhfa.ca.gov

At 442 if you can wait, I would think that you get a second job save every dime over the next year and try to get the loan down to 417 which is a conforming loan and carries a lower cost. Either that, or hang tight and hope Government raises that limit.

Allso be aware that there are programs for teachers, nurses, law enforcement, social workers etc that provide below market rates.

[jimmyle]

“Allso be aware that there are programs for teachers, nurses, law enforcement, social workers etc that provide below market rates.”

My wife works for the Navy, I am not sure if this qualifies for the lower rate? Yeah, ideally we should borrow $417K meaning that we should buy a house around $480K max but my wife likes houses that are selling around $530K-$590K at current market. Of course, If prices go down another 10%-15% in a year or two then we won’t have any problem.

[Raybyrnes]

I would think the VA programs would apply to her situation. You may want to check with Navy Federal Credit Union. Membership has its benefits.

[Ricechex]

If your wife is civil service try Pentagon Federal Credit Union.
https://www.penfed.org/howToJoin/overview.asp

[jimmyle]

“If your wife is civil service try Pentagon Federal Credit Union.
https://www.penfed.org/howToJoin/overview.asp”

Yes, my wife works for Navair as a civilian employee.

This is from the website you gave me, is the 6.375 the final rate? And is this better than the market rate? I am not sure why there are 3 different lines? Thanks.

30-Year Fixed Conforming Loan

Rate Point APR
6.375 0.000 6.375
6.250 0.250 6.274
6.125 0.750 6.196

[jimmyle]

“If your wife is civil service try Pentagon Federal Credit Union.
https://www.penfed.org/howToJoin/overview.asp”

Yes, my wife works for Navair as a civilian employee.

This is from the website you gave me, is the 6.375 the final rate? And is this better than the market rate? I am not sure why there are 3 different lines? Thanks.

30-Year Fixed Conforming Loan

Rate Point APR
6.375 0.000 6.375
6.250 0.250 6.274
6.125 0.750 6.196

[jimmyle]

“If your wife is civil service try Pentagon Federal Credit Union.
https://www.penfed.org/howToJoin/overview.asp”

Yes, my wife works for Navair as a civilian employee.

This is from the website you gave me, is the 6.375 the final rate? And is this better than the market rate? I am not sure why there are 3 different lines? Thanks.

30-Year Fixed Conforming Loan

Rate Point APR
6.375 0.000 6.375
6.250 0.250 6.274
6.125 0.750 6.196

[Ricechex]

If your wife is civil service try Pentagon Federal Credit Union.
https://www.penfed.org/howToJoin/overview.asp

[Ricechex]

If your wife is civil service try Pentagon Federal Credit Union.
https://www.penfed.org/howToJoin/overview.asp

[Raybyrnes]

I would think the VA programs would apply to her situation. You may want to check with Navy Federal Credit Union. Membership has its benefits.

[Raybyrnes]

I would think the VA programs would apply to her situation. You may want to check with Navy Federal Credit Union. Membership has its benefits.

[jimmyle]

“Allso be aware that there are programs for teachers, nurses, law enforcement, social workers etc that provide below market rates.”

My wife works for the Navy, I am not sure if this qualifies for the lower rate? Yeah, ideally we should borrow $417K meaning that we should buy a house around $480K max but my wife likes houses that are selling around $530K-$590K at current market. Of course, If prices go down another 10%-15% in a year or two then we won’t have any problem.

[jimmyle]

“Allso be aware that there are programs for teachers, nurses, law enforcement, social workers etc that provide below market rates.”

My wife works for the Navy, I am not sure if this qualifies for the lower rate? Yeah, ideally we should borrow $417K meaning that we should buy a house around $480K max but my wife likes houses that are selling around $530K-$590K at current market. Of course, If prices go down another 10%-15% in a year or two then we won’t have any problem.

[Raybyrnes]

Jimmyle,

Depending upon income limits and home prices there are State and Federal Programs for first time homeowners.

http://www.calhfa.ca.gov

At 442 if you can wait, I would think that you get a second job save every dime over the next year and try to get the loan down to 417 which is a conforming loan and carries a lower cost. Either that, or hang tight and hope Government raises that limit.

Allso be aware that there are programs for teachers, nurses, law enforcement, social workers etc that provide below market rates.

[Raybyrnes]

Jimmyle,

Depending upon income limits and home prices there are State and Federal Programs for first time homeowners.

http://www.calhfa.ca.gov

At 442 if you can wait, I would think that you get a second job save every dime over the next year and try to get the loan down to 417 which is a conforming loan and carries a lower cost. Either that, or hang tight and hope Government raises that limit.

Allso be aware that there are programs for teachers, nurses, law enforcement, social workers etc that provide below market rates.

[4plexowner]

patientrenter – the first property I ever bought was a 4plex – got to a point where I could afford real estate (1998) but buying a single family house didn’t make sense for me at the time (single guy, done with room-mates) – the more I looked into small apartment buildings the more it made sense

first thing to understand: 2 to 4 units is considered residential and qualifies for residential financing – once you get a 5th unit you are talking commercial property and have to get commercial financing (much more expensive)

here are some of the bennies:
– owner-occupied interest rates – 1/2 point to 3/4 point savings maybe
– 75% of the rental income from the non-owner-occupied units is added to the purchaser’s income when qualifying for the loan
– tax deductions on both Schedule A (most bang for the real estate buck) and on Schedule E (this is where depreciation games, etc are played)

here are some drawbacks:
– your tenants will eventually realize that you own the property (this is not a good thing – trust me)
– you will be living in an apartment building (pick a nice one and think about your privacy needs)
– being a landlord sucks – people will lie directly to your face and expect you to believe whatever garbage they are spewing (on the other hand, being a landlord provides an excellent education on human nature)
– exit strategy from property can become more complicated (or beneficial) because you owner-occ some of it but not all of it

let’s play with some numbers just for fun: we want to buy a 4plex to get the most bang for the buck – remember that the income from the non-owner-occ’d units is going to help us qualify for the purchase loan

let’s say we want to buy 4 units just North of Adams in Normal Hts – we find something with a mix of units: (1) studio, (1) 1/1 (bdrm/bath), (2) 2/2s – rents are: $850, $1075, $1775 and $1775 for annual rent of $65,700 – let’s say we are willing to pay current rent multipliers and use 20 – $65,700 * 20 = $1.314M we’re going to pay for this puppy – we could probably get 95% financing but let’s put 10% down and get a loan for $1.183M

on our loan application we will have projected rental income added into our income – in this case we have $850, 1075 and 1775/mo or $3700/mo – that’s how we qualify for $1.183M

at tax time we will determine the SQFT of the property that we owner-occ and deduct that percentage of the mortgage interest paid from Schedule A – the rest of the mortgage interest paid, operating expenses and depreciation (only the % of these expenses for the non-owner-occ’d portion of property) go onto Schedule E and are offset by rental income

I’m bored with the example – if you want to you can see what kind of payment is req’d on $1.183M – I’m sure you will find that this property would have horribly negative cashflow even if you ignore ‘minor’ expenses like: taxes, insurance, maintenance, vacancies

~

Something to watch out for – if you are making enough W-2 income to push you into AMT territory the benefits from Schedule E become limited – in my experience people should be VERY conservative about buying real estate based on expected tax savings

[patientrenter]

Thanks, 4plex.

Like you say, the cash flow looks awful based on current CA prices. I take it that these small complexes are as overpriced as SFRs and single condos. I’d hoped that maybe some of the bubble had bypassed these investment properties.

So it seems, at least here in CA, that it’s all about borrowing and buying as much as possible to get the maximum future HPA. Isn’t that the big gamble that so many piggs are leery of? Or is there some other payoff I’m missing? My goal was more to buy some future rental income, and not to rely on future HPA.

It sounds like buying for future rental income would have worked well if done back in the mid to late 90’s. But unless prices revert very sharply, now it doesn’t look too hot to me.

Patient renter in OC

[patientrenter]

Thanks, 4plex.

Like you say, the cash flow looks awful based on current CA prices. I take it that these small complexes are as overpriced as SFRs and single condos. I’d hoped that maybe some of the bubble had bypassed these investment properties.

So it seems, at least here in CA, that it’s all about borrowing and buying as much as possible to get the maximum future HPA. Isn’t that the big gamble that so many piggs are leery of? Or is there some other payoff I’m missing? My goal was more to buy some future rental income, and not to rely on future HPA.

It sounds like buying for future rental income would have worked well if done back in the mid to late 90’s. But unless prices revert very sharply, now it doesn’t look too hot to me.

Patient renter in OC

[patientrenter]

Thanks, 4plex.

Like you say, the cash flow looks awful based on current CA prices. I take it that these small complexes are as overpriced as SFRs and single condos. I’d hoped that maybe some of the bubble had bypassed these investment properties.

So it seems, at least here in CA, that it’s all about borrowing and buying as much as possible to get the maximum future HPA. Isn’t that the big gamble that so many piggs are leery of? Or is there some other payoff I’m missing? My goal was more to buy some future rental income, and not to rely on future HPA.

It sounds like buying for future rental income would have worked well if done back in the mid to late 90’s. But unless prices revert very sharply, now it doesn’t look too hot to me.

Patient renter in OC

[4plexowner]

patientrenter – the first property I ever bought was a 4plex – got to a point where I could afford real estate (1998) but buying a single family house didn’t make sense for me at the time (single guy, done with room-mates) – the more I looked into small apartment buildings the more it made sense

first thing to understand: 2 to 4 units is considered residential and qualifies for residential financing – once you get a 5th unit you are talking commercial property and have to get commercial financing (much more expensive)

here are some of the bennies:
– owner-occupied interest rates – 1/2 point to 3/4 point savings maybe
– 75% of the rental income from the non-owner-occupied units is added to the purchaser’s income when qualifying for the loan
– tax deductions on both Schedule A (most bang for the real estate buck) and on Schedule E (this is where depreciation games, etc are played)

here are some drawbacks:
– your tenants will eventually realize that you own the property (this is not a good thing – trust me)
– you will be living in an apartment building (pick a nice one and think about your privacy needs)
– being a landlord sucks – people will lie directly to your face and expect you to believe whatever garbage they are spewing (on the other hand, being a landlord provides an excellent education on human nature)
– exit strategy from property can become more complicated (or beneficial) because you owner-occ some of it but not all of it

let’s play with some numbers just for fun: we want to buy a 4plex to get the most bang for the buck – remember that the income from the non-owner-occ’d units is going to help us qualify for the purchase loan

let’s say we want to buy 4 units just North of Adams in Normal Hts – we find something with a mix of units: (1) studio, (1) 1/1 (bdrm/bath), (2) 2/2s – rents are: $850, $1075, $1775 and $1775 for annual rent of $65,700 – let’s say we are willing to pay current rent multipliers and use 20 – $65,700 * 20 = $1.314M we’re going to pay for this puppy – we could probably get 95% financing but let’s put 10% down and get a loan for $1.183M

on our loan application we will have projected rental income added into our income – in this case we have $850, 1075 and 1775/mo or $3700/mo – that’s how we qualify for $1.183M

at tax time we will determine the SQFT of the property that we owner-occ and deduct that percentage of the mortgage interest paid from Schedule A – the rest of the mortgage interest paid, operating expenses and depreciation (only the % of these expenses for the non-owner-occ’d portion of property) go onto Schedule E and are offset by rental income

I’m bored with the example – if you want to you can see what kind of payment is req’d on $1.183M – I’m sure you will find that this property would have horribly negative cashflow even if you ignore ‘minor’ expenses like: taxes, insurance, maintenance, vacancies

~

Something to watch out for – if you are making enough W-2 income to push you into AMT territory the benefits from Schedule E become limited – in my experience people should be VERY conservative about buying real estate based on expected tax savings

[4plexowner]

patientrenter – the first property I ever bought was a 4plex – got to a point where I could afford real estate (1998) but buying a single family house didn’t make sense for me at the time (single guy, done with room-mates) – the more I looked into small apartment buildings the more it made sense

first thing to understand: 2 to 4 units is considered residential and qualifies for residential financing – once you get a 5th unit you are talking commercial property and have to get commercial financing (much more expensive)

here are some of the bennies:
– owner-occupied interest rates – 1/2 point to 3/4 point savings maybe
– 75% of the rental income from the non-owner-occupied units is added to the purchaser’s income when qualifying for the loan
– tax deductions on both Schedule A (most bang for the real estate buck) and on Schedule E (this is where depreciation games, etc are played)

here are some drawbacks:
– your tenants will eventually realize that you own the property (this is not a good thing – trust me)
– you will be living in an apartment building (pick a nice one and think about your privacy needs)
– being a landlord sucks – people will lie directly to your face and expect you to believe whatever garbage they are spewing (on the other hand, being a landlord provides an excellent education on human nature)
– exit strategy from property can become more complicated (or beneficial) because you owner-occ some of it but not all of it

let’s play with some numbers just for fun: we want to buy a 4plex to get the most bang for the buck – remember that the income from the non-owner-occ’d units is going to help us qualify for the purchase loan

let’s say we want to buy 4 units just North of Adams in Normal Hts – we find something with a mix of units: (1) studio, (1) 1/1 (bdrm/bath), (2) 2/2s – rents are: $850, $1075, $1775 and $1775 for annual rent of $65,700 – let’s say we are willing to pay current rent multipliers and use 20 – $65,700 * 20 = $1.314M we’re going to pay for this puppy – we could probably get 95% financing but let’s put 10% down and get a loan for $1.183M

on our loan application we will have projected rental income added into our income – in this case we have $850, 1075 and 1775/mo or $3700/mo – that’s how we qualify for $1.183M

at tax time we will determine the SQFT of the property that we owner-occ and deduct that percentage of the mortgage interest paid from Schedule A – the rest of the mortgage interest paid, operating expenses and depreciation (only the % of these expenses for the non-owner-occ’d portion of property) go onto Schedule E and are offset by rental income

I’m bored with the example – if you want to you can see what kind of payment is req’d on $1.183M – I’m sure you will find that this property would have horribly negative cashflow even if you ignore ‘minor’ expenses like: taxes, insurance, maintenance, vacancies

~

Something to watch out for – if you are making enough W-2 income to push you into AMT territory the benefits from Schedule E become limited – in my experience people should be VERY conservative about buying real estate based on expected tax savings

[jimmyle]

Would I be able to get a loan with less than 20% down payment in this market? Right now I have about $75K in stocks and cash and can borrow another $30K from my brother.

Assuming that I will buy a $520K house, and put down 15% ($78K). Will I have enough cash for closing cost? My sister-in-law is a realtor and she waives her fee.

Also, Can I borrow the remaining $442K? If I can, how much PMI will be?

I would be a first time home buyer, is there any assitance from the government that I can use?

Thanks,

[jimmyle]

Would I be able to get a loan with less than 20% down payment in this market? Right now I have about $75K in stocks and cash and can borrow another $30K from my brother.

Assuming that I will buy a $520K house, and put down 15% ($78K). Will I have enough cash for closing cost? My sister-in-law is a realtor and she waives her fee.

Also, Can I borrow the remaining $442K? If I can, how much PMI will be?

I would be a first time home buyer, is there any assitance from the government that I can use?

Thanks,

[Author]

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