Sunday, November 23, 2008

Homebuying the Old Fashioned Way

MSN money has a great article profiling 3 different people who took out 30 year fixed mortgages with 20% down. It really looks like this is the way things will be from now on. How will this affect us? If the average cost of a home is $200,000 be prepared to put up $40,000.

Wow!!! I don't know anyone that bought a house within the last 5 years that put down 20%. I guess its time for all of us to start really saving, and start
buying houses the old fashioned way.

As for me, I plan on buying a small investment property with 20% down within the next year, and than another multifamily ( owner occupant) with an FHA loan, and save save save to put down 20% for what will eventually be my dream home.

until next time, think prosperous thoughts


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