first time home buyer, few questions and needed finance advise
At first I was concerned with avoiding PMI but @ .5-1% is it more beneficial to put available funds towards other loans? Same with downpayment, obviously its a little late to put a lot of money together for it but again is it worth it with low current rates to put money/more money down instead of paying off loans?
Here is all info I can think of
House Price: $240k
RE Taxes: $6400
Me: no real liquid assets besides few hundred in bank, just went back to work after 2 month layoff
CC: Amex balance of 1130 with 1000 limit
I own a property that I bought 10 years ago valued between 85-110k, 52k left on 15yr/85k ($700 per month) mortgage that has been vacant for 2 years and my younger sister is moving in end of this month @ $850 per month plus utilities.
Employment in construction union which has been rough last 5 years but this year and future look very promising but still I can work steady 40hr weeks for 6 months or laid off at any time. Hourly @ $42/ $1130 after taxes per week.
Her: Currently renting a house
can borrow up to 16k from retirement acct, think 403b.
Salary at 97k + OT @ childrens hospital.
8k @ 3.25%
45k @ 4.87
Navient Dept of Ed and Federal Loans
126k rates range from 6.55-8.25%
Amex 4k (10k limit)
Lowest rate was through a family friend @ 3.5% and no fees
Now on a completely different subject...House was up for 250k, we offered 235k including 9k sellers assist, didnt hear back so our realtor reached out to theres and they said they were insulted by low offer and didnt even counter. Agent said they wont budge below 240k so thats how we arrived there....2 days after they accepted offer of 240k they said they wanted us to sign contract asap so they could sign a lease elsewhere (not sure if this is standard) but disclosed to our agent they had a previous buyer who backed out when home inspection found cracks in the foundation and although they hired a structural engineer to further investigate who said it was normal and due to "settlement". That was yesterday, now today we hear that 2 structural engineers looked at the property, 1 saying above but other saying needed 25k to repair and we are still waiting on this paperwork to be forwarded to us. We really love this house after looking at close to 30 in last 18 months but obviously want to avoid a "problem house"
Thanks for any and all advice, i know thats a wall of text above and we arent in the greatest of financial shape...I lost alot in a divorce few years ago and she has only been out of school for 5-6 years, but we are hoping to move forward.