We've been saving and will ask family for help, but would like to avoid paying mortgage insurance.
2006-12-12 18:33:03 · 2 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I don't really understand your question. I'm guessing that the home you want is around $200,000? If you have 401(k) you are allowed to use that money (without penalty) for your first home. Also, if you fall within a certain financial brackett.. you may be eligible to receive a FHA loan that doesn't have PMI's for first time homeowners.
Another option is contacting congressman blumenauer. He promises to help first time homeowner's in Oregon with the Department of Housing and Urban Development.
http://blumenauer.house.gov/services/AgencyInformation.aspx?ServiceID=16#answers26
http://www.hud.gov/
Good Luck!
2006-12-12 18:44:33 · answer #1 · answered by sansa 3 · 0⤊ 0⤋
finanace your home 100%,....
do an 80/20
save ur money
On an 80/20 u DONT pay mortgage insurance
2006-12-12 18:36:19 · answer #2 · answered by Photographer 6 · 2⤊ 0⤋