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Putting $150k down is like standard since you need to put down 20% anyway. Are you paying like significantly higher interest rate like a jumbo loan? If you
by adrr 4y ago
Putting $150k down is like standard since you need to put down 20% anyway. Are you paying like significantly higher interest rate like a jumbo loan? If you don't have a credit score, the government won't back it so its more risk on the bank and you're paying a much higher interest rate. Banks also don't keep the loans and package them up and sell them. If you don't have a credit score, not sure how they would do that. No score would qualify as subprime.
- bsenftner 4y agoMost people's 20% down is also a loan. Plus, in addition to that $150K down payment, I can point to my savings account with more than the loan debt inside. The only reason I have a loan is for the tax relief, if not for that I'd have purchased the home completely. My home loan is under 2%.
- ryathal 4y agoThat's a stupid reason to have a loan, unless you really like paying banks more than the government. It's still a loss to you with the tax deduction.