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All Forum Posts by: Brent Matthew

Brent Matthew has started 1 posts and replied 1 times.

Post: Couple buying 1st house

Brent MatthewPosted
  • Midland, MI
  • Posts 1
  • Votes 0

My wife & I are in our early 30's, and looking to buy our 1st house, $100k or less. Average home value here is $130-$150k. We have great credit and hardly any debt. My plan is to save enough for a 20% down payment on a house in the next 12 months. Our local credit union offers a rebate interest mortgage, currently 5.375% fixed rate, and 4.5% ARM. They give members 70-75% of their interest back each year. Is 20% down a good plan or should I do less and use the extra money for updates to the house? And do you have to pay PMI on FHA loans for the entire length of the loan?