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Yeah, doctor loans. Gotta be a doctor though.
Lol very helpful
VA, time to enlist
Lol that's how I did it
Probably not. Hopefully you will buy in a good area and get some equity to refinance to a conventional loan in a couple years.
If it’s your first purchase, FHA loans generally get rid of PMI requirements somewhere between 10-12% down, but both you AND the property have to comply with FHA requirements... I did it for my first house, was a nice way to get into ownership.
As always YMMV; I got that FHA loan in 2005 with a phone call. Things are... different now. :)
We did two loans - the second was a line of credit for the amount over the PMI threshold. We just refinanced a couple of years later into one mortgage
Rising Star
No, this is a universal requirement. Exceptions exist for loans in a few circumstances - veterans are exempt from PMI, as are some loans in certain places (think: less desirable), or in very limited circumstances for some minority groups - I believe South Sudanese residents received such treatment years ago, etc.
You will pay PMI if you put down less than 20%. If you can’t pay 20%, or pay for PMI, you can’t afford the house. It is really that binary.
Or lawyer I think.
Consider putting down 25% - right now rates are just phenomenal. You can take 5% line of credit and pay it off pretty fast. Net net you’ll come ahead.
NACA I'm pretty sure. It's a longer process than most loan programs, but it's worth it from what I hear