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Future of American Dream 🏡
(lemmy.today)
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this post was submitted on 08 Feb 2024
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Memes
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Honestly not a bad deal if you live alone. Make an offer for 130k and settle for 145k then get approved for a loan with APR around 5% and you could be making monthly payments under 600 USD for 20 years. That's a lot lower than rent, I'll tell you that, and you can get your equity back at the end when you move.
Only issue is the loan term, variable property value, and if you're actually buying the land or just the abode.
Don't forget the mortgage insurance for several hundred a month if you're not able to put that 30k down to pass the 20% thresshold.
PMI would be roughly $70/mo in the example they posted.