Promoting you to definitely home, purchasing a special. How to proceed with extra cash?

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First-time poster, quite not used to the site, however, I have already been understanding posts from this point my father could have been giving if you ask me consistently. I’m selling my personal household of 5 years, that we purchased due to the fact a property foreclosure. As fortunate to love a great windfall using this revenue. After paying realtors’ fees, I will be leftover that have up to $fifty,000 cash, bring and take $2k. I am closure towards the yet another family as well in the exact same date. Our home price is $213,000 and you can I’m using a great 203K home improvement loan (3.75% interest) doing around $twenty five,000 property value developments too (completing the third floors while the a master suite and you can adding a beneficial a few automobile detached driveway). This makes the complete price doing $238,000.

Because this 203K financing are FHA, thus away from my personal knowledge of past year’s FHA change, there are PMI in the event I put 5% (

I’m only planning on staying new FHA mortgage for a-year at the most prior to lso are-investment to traditional, very PMI will go away when this occurs

10% appeal and you may $5000 during the 0% focus up until October). (more…)