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/u/Realistic_Leather965
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I need some advice on how to best manage the cash from my current home sale.
Here's my situation:
My plan is to refinance the new home later on and I will need some of this cash to roll into a conventional loan to avoid PMI.
What would be the best way to manage and grow this $160k in the interim?
Considerations:
Thanks in advance for your insights!
TL;DR: Selling current home, buying forever home with an FHA loan at 6.375%, will have $160k left over. Need advice on how to grow this money while keeping some for future refinancing to avoid PMI.
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What Should I Do With $160k From Home Sale? Buying Forever Home with temporary FHA Loan
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Here's my situation:
- I’m selling my current home and moving into what we consider our dream home, which will be our forever home.
- I currently have a 3.75% mortgage rate on my existing home.
- For the new home, I can secure an FHA loan with 3.5% down at a 6.375% interest rate, which is nearly a full percentage lower than current conventional loan rates.
- This transaction will leave me with about $160k in cash.
My plan is to refinance the new home later on and I will need some of this cash to roll into a conventional loan to avoid PMI.
What would be the best way to manage and grow this $160k in the interim?
Considerations:
- Need to preserve a portion of this cash for future refinancing without PMI.
- Want to grow this money as much as possible without taking excessive risk.
- Open to any advice on investment vehicles or strategies that align with my goals.
Thanks in advance for your insights!
TL;DR: Selling current home, buying forever home with an FHA loan at 6.375%, will have $160k left over. Need advice on how to grow this money while keeping some for future refinancing to avoid PMI.
submitted by /u/Realistic_Leather965
[link] [comments]
What Should I Do With $160k From Home Sale? Buying Forever Home with temporary FHA Loan
Continue reading...