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A comment on What Happens When a Suburb Begins to Die?. Parent comment

Re:What Happens When a Suburb Begins to Die? by DarronWyke on Wednesday October 11, 2017 @11:21AM (#15450469)
I'm already on a conventional; I was able to get 3% because of my excellent credit and good income. I only have PMI because I didn't want to put the full 20% down. The amount saved for each monthly payment + PMI wouldn't be worth the pain associated with virtually dumping out my nest egg hitting 20%.
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Re:What Happens When a Suburb Begins to Die? by buerkle on Wednesday October 11, 2017 @01:14PM (#15451353)
Years ago I was able to get a 85/15/5. 85% first mortgage, 15% second mortgage and 5% down. The 2nd mortgage worked out to about the same as the cost of PMI but with the advantage I could deduct the interest on my taxes so overall it ended up cheaper. Not sure if that's an option now.
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Re:What Happens When a Suburb Begins to Die? by ryanwaggoner on Wednesday October 11, 2017 @06:09PM (#15453957)
Not sure you saved anything since they charged you 105% of the sale price ;)
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Re:What Happens When a Suburb Begins to Die? by buerkle on Thursday October 12, 2017 @04:03PM (#15460876)
Whoops, I meant 80/15/5 :)
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Re:What Happens When a Suburb Begins to Die? by toomuchtodo on Wednesday October 11, 2017 @11:53AM (#15450722)
Ahh! Excellent news! I don't have time to be fully up to speed on mortgage guidelines, so whenever I see a down payment under 10% I assume its FHA. Congrats on the new home!
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Re:What Happens When a Suburb Begins to Die? by DarronWyke on Wednesday October 11, 2017 @12:49PM (#15451145)
Thank you. Our lending officer and real estate agent are awesome folks, so if you're ever looking for real estate in the DFW area, let me know. We were complete novices coming in and left understanding enough to practically sell homes ourselves. Plus the previous homeowner was a great guy and worked with us a lot, so we really got lucky with this one.
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Re:What Happens When a Suburb Begins to Die? by panopticon on Wednesday October 11, 2017 @01:33PM (#15451504)
> whenever I see a down payment under 10% I assume its FHA

It's increasing common to see non-FHA loans in the 3% ballpark (among anecdotal evidence from my friends and coworkers who've recently purchased). My gut keeps telling me something is wrong, but no other indicators seem to agree.

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