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Updated almost 5 years ago on . Most recent reply

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Brian D Gleason
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Is a 20% down payment on my first owner occupied duplex worth it?

Brian D Gleason
Posted

I am currently in the process of getting pre-approved for a loan, and looking to get into what many people are calling house hacking now. 

I have saved enough money to be able to comfortably put down 20% on a 200k house. Unfortunately, that doesn't get you much it seems in CT. Either the neighborhoods aren't good or it needs a ton of work (Which I am not opposed to, but I don't want to be overwhelmed) I am VA loan eligible, so whether I hit the 20% or not it doesn't matter, I won't pay PMI, it will only affect my monthly cash flow by lowering my monthly payments, correct? My friend, who is a real estate agent, says that hitting 20% on a conventional loan will get me a lower interest rate than the VA loan would. Either way, should i consider 250k+ houses since I don't have to hit 20% down due to the VA loan? Some people say put as little down as you can to cash flow, but I have this money now, I want to invest it wisely. Wouldn't my best option be to put the money towards the down payment?

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