Were taking the plunge and buying a new build. Its 335k. Weve been in LOVE withfor a year and they only have 4 left. One available in June, one in August and 2 in September. Our chance of buying our dream home is slowly fading.
I spoke with the Pulte Manager and he gave us some info.
1) We would have to put $5000 down as soon as we can to hold the house
2) Since were first time buyers with a good income we can get an FHA loan
3) FHA loans are 3% vs. the 10% we were planning
4) 3% vs 10% down would be a difference of less than $200 a month
5) This builder is giving $10,000 credit towards closing costs
So, we have this option. Put 10% down (all our money) OR put the 3% down and have a $25000 cushion if something happens (which is about 6 months of all our bills)
So, whats better? Im leaning towards the lower down just so were not el broko and stressed if something were to happen...


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