finally sold our place!!

Discussion in 'The Club House' started by rurak, Jul 11, 2013.

  1. rurak

    rurak New Member

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    So we finally sold our 910 sq ft condo we have been living In for the past 6 years. We are exploring mortgage options and we have come to find out we can't get a mortgage without pmi unless we put 20% down! We don't have pmi now on the place we are selling :( does anyone know if there is any way to eliminatr pmi without putting 20% down. We are actively looking for a house and found one we like but it has oil heat. We have natural gas forced hot air and our condo isn't really well insulated and its roughly 100/month to heat. What would a reasonably insulated 1400 sq ft house cost to heat with oil forced hot air??
     
  2. kytowboater

    kytowboater Active Member

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    You have to have mortgage insurance until you have either 20 down or 22% paid into escrow.
     

  3. mountainman13

    mountainman13 New Member

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    Probably about the same as the mortgage. Lol
     
  4. rurak

    rurak New Member

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    That stinks. Our mortgage on the place we are selling has no pmi .... no money down and is a 30yr fixed @ 6.375%. Bummer
     
  5. danf_fl

    danf_fl Retired Supporter

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    Are you a veteran?
    If so, then take a look at that program.
     
  6. kytowboater

    kytowboater Active Member

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    We just bought a house. We have insurance. We didn't have the 20% down. Yeah that was a huge sum of money. It does hurt to pay though. Our interest rate is 3.75% IIRC 30 year fixed.
     
  7. MisterMcCool

    MisterMcCool Well-Known Member Supporter

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    Where are you, rurak?
     
  8. kytowboater

    kytowboater Active Member

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    Here .... Where are you?
     
  9. MisterMcCool

    MisterMcCool Well-Known Member Supporter

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    Bumfugg, Egypt
     
  10. rurak

    rurak New Member

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    I am not a veteran. I am in massachusetts. We are looking in mass or new hampshire.
     
  11. MisterMcCool

    MisterMcCool Well-Known Member Supporter

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    Check out these two energy assistance websites. Some are available to anyone while others have income restrictions. Either way, you paid the taxes to fund the programs, enjoy the benefits.
    http://www.nh.gov/oep/programs/fuelassistance/
    http://www.massresources.org/energy.html

    Your lender may allow you to get an 80% mortgage and a home equity loan together to avoid pmi.
     
    Last edited: Jul 11, 2013
  12. rurak

    rurak New Member

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    Thanks McCool
     
  13. rurak

    rurak New Member

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    Just put an offer in on a place today ..... our fingers are crossed
     
  14. TruggieTex

    TruggieTex New Member

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    Good luck!
    That is exciting...
    I always say, about big purchases at least, if it is meant to be it will be. We have entered into earnest money contracts that fell through and were later very glad they did!
     
  15. Daoust_Nat

    Daoust_Nat Well-Known Member Supporter

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    Back in the late 70s and early 80s I had one of those houses built in 1977. I was able to heat the house with one 250 gal tank of heating oil per year. I had a good fireplace that would do a decent job of adding heat to the downstairs. For most of the time I had no kids, so the house was empty with the thermostat dropped to 65 deg or so while we were at work. We had hot air heat.

    I can't say what the cost is, because I have no clue what heating oil costs these days.
     
  16. rurak

    rurak New Member

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    Well luckily we found a place with natural gas forced hot air. Put in the offer and now we are waiting. 1 acre of land and 1650 sq ft. Nice big woodstove in the living room. Its our dream place ...... cross your fingers for us and its in New Hampshire .... a very gun friendly state!! We live in Massachusetts right now and its not magazine or gun friendly state.
     
    Last edited: Jul 13, 2013
  17. rurak

    rurak New Member

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    So that deal didn't work out. We are having a hard time finding a place to buy in our price range. We have to be out on august 29th. We are stressed oit because we might have to rent :( anyone else had to do this after selling their first home??
     
  18. eatmydust

    eatmydust New Member

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    I live in S.E. PA, I only have to heat 1200 sq. ft., I have oil heat and most years only have to fill my 275 gal. tank once at most, some milder years, I'll get 14 - 16 months of heating out of 1 tank. We keep our thermostat set @ about 65 degrees. No. 1 heating oil is comparable in price to off-road diesel in price and is virtually the same thing.
     
  19. JW357

    JW357 New Member

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    Sorry it didn't work out man. I'm sure you'll find something that works or you.

    I've rented plenty of times, but never because of selling a house. I haven't bought one yet so it would be hard to sell it haha. But I recommend, in your case, trying to find a place to rent which allows short term leases. Either a month at a time or no more than 3 months at a time.

    Renting sucks, and I hate it, but sometimes we gotta do what we gotta do.
     
  20. rurak

    rurak New Member

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    Yeah I hear ya. We r freaking out but it will all work out. It always does. We are just breaking even on our place but I've got a down payment saved and rates are lower so we can afford more.