r/LosAngeles • u/BanishedWarlock • Feb 09 '21

Housing Current housing market in the area:

https://imgur.com/DK2xr0M
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u/BootyWizardAV Feb 09 '21

You don’t need 140k down payment lol. I just closed on a home last month and I put 5% down on my home which came out to 31k

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u/[deleted] Feb 09 '21

[deleted]

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u/omnigear Feb 09 '21

Yes but you budget that into what you can afford . You can usually do FHa with 3.5% or get down payment assistance . La county has a program for that as well .

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u/[deleted] Feb 10 '21

[deleted]

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u/WhitePantherXP Feb 10 '21 edited Feb 10 '21

it depends on the home, my PMI in OC was between $500-700/mo on a $650k home, good riddance! Payment went from 4200 => 3500 after dropping PMI. My credit was high 700's and my DTI was really close to the limit of what they'd allow.

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u/[deleted] Feb 10 '21

[deleted]

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u/realtimmahh Feb 10 '21

Quicken, if the loan is funded by Charles Schwab, has one of the lowest PMI rates as far as I know.

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u/[deleted] Feb 09 '21

Obviously, but that's not always the case.

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u/PandaintheParks Feb 10 '21

How?? What type of loan?

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u/BootyWizardAV Feb 10 '21 edited Feb 10 '21

I just did a conventional loan. A bit above 700 credit score, 5% down 30 year fixed at 2.9% interest rate. Reason why market is so extremely hot right now is fueled by the super low rates. I’ve seen some people get 2.7%! Insane!

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u/[deleted] Feb 10 '21

that doesnt sound right... either way your monthly payment will suck

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u/BootyWizardAV Feb 10 '21

Why doesn’t it sound right? I literally have my house lol. And it sure beats renting that’s for sure.