Re: First Time Home Buyer
Around here lots of people use piggy back loans to avoid PMI. IE you take out one loan for 80% and another for 10% (and then have a 10% down.) I'd talk to a few different mortgage brokers and compare rates and fees on their "best" programs.
Also check the overall market in your area. Many places are adjusting downward, so you might actually be better off renting for while longer.
Oh, if your area has a boatload of houses on the market (many do), you may want to research creative financing options like an owner carryback. (We recently sold a house on a Contract for Deed and our buyers were able to avoid PMI and closing costs. We also gave them a lower interest rate than the bank. In the meantime, we were able to sell quickly and for top dollar.)
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