Re: About to buy a house
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So if your current home appraises for $100K, you can borrow $80K, or do I have it backwards?
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in San Diego you can get exactly NOTHING for $100k. I hope these are made up numbers just for example purposes.
There are a LOT of ways to avoid PMI. We did a "piggy back" where we put 10% down, got a "2nd" mort for 10% at a higher interest rate and then 80% on the standard. Of course, we refid 3mo after moving in and our home appraised for 50% more than what we paid for it (to clarify - we locked in the price 7mo before moving in because it was a new build, but in 10mo the value was 1.5x what we paid for it)... such is the SD housing market.
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