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2 1/2 weeks after sold fox i got a house...
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[QUOTE]Originally posted by GOT 50: [QB] [QUOTE]Originally posted by venomous99: [qb] [QUOTE]Originally posted by 5.t0es: [qb] [QUOTE]Originally posted by venomous99: [qb] [QUOTE]Originally posted by SLOWBACK 67: [qb] [QUOTE]Originally posted by hurting your feelings: [qb] [QUOTE]Originally posted by GOT 50: [qb] [QUOTE]Originally posted by SLOWBACK 67: [qb] ^ Don't borrow against your 401k. Under very very very rare situations should you ever take money early out of your 401k. [/qb][/QUOTE]I disagree. Most 401K programs allow you to take a loan against your 401K net vested assets at a very low interest rate with no penalties for a first time home buyer. [/qb][/QUOTE]I have to agree with you. [/qb][/QUOTE] http://m.kiplinger.com/article/credit/T001-C000-S002-reasons-not-to-borrow-from-a-401-k.html Just a small straight to the point article dealing with taking a loan against your 401k. You're better off lowering the % you're putting in while you set more money aside for a home. Starting next year I will be finacially stable enough to max out my 401k contributions. :D [/qb][/QUOTE]exactly...ppl just dont undersatnd on how all that translates when u pull money out and get all scared about pmi and shiet. pmi aint the end of the world and eventually will go away when u either refi or meet the term requirements. FHA makes it pretty damn affordable to get a home on very little down. [/qb][/QUOTE]Screw pmi, and stop giving false information, PMI is for the life of the loan now on fha loans, it does not go away without a refi. [/qb][/QUOTE]might want to do ur research about pmi and fha loans. pmi for the life of an fha loan is ridiculously false information. do u even know what the point is of having pmi? as far as it going away on a refi...depends on whether you meet the equity requirements. i dont speak by my own personal experience in terms of pmi and fha loans as i opted to go with 20% down on my home. that said, reading up sure does help. :p [/qb][/QUOTE]Sorry Venemous but you are wrong. FHA required PMI is now for the life of the note. The only way out is to refinance which in the next 5-10 years will be impossible as interest rates are only going to go up making it almost impossible to refinance and lower your payment. The government is counting on this so they can pocket PMI money until the loan is paid in full. [/QB][/QUOTE]
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