|
A couple I know recently bought a house using what they called an 80%/20% loan. The one I mentioned sounds similar. What it seems to be is, I put 10% down, take out a mortgage for 80%, and get a loan for the remaining 10%, which covers the initial 20%. It's mentioned in the USAA Magazine I just got yesterday. I'll have to ask about it.
Currently, as a FHB, I've been planning on putting down 3% and handling the PMI. But then, that depends on what the PMI turns out to be, which I don't know.
|