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Released: June 23, 2011
Dreaming of a bigger home
Source: Carolyn Bigda & Sarah Max, CNNMoney
When Wyonnie and Kwame Flaherty bought their two-bedroom apartment in Queens, N.Y., in 2008, they thought it was the perfect stepping-stone. Putting down 20% of the $177,000 purchase price, the couple figured that rising home values would eventually help them trade up to a house. THE ADVICE Kwame and Wyonnie shouldn't hire movers right away. Aim for 10% down. A Federal Housing Administration mortgage would let the Flahertys buy a home with as little as 3.5% down, but there's a catch: a 1% one-time fee and annual mortgage insurance premiums equal to 1.15% of the loan value. Three years later, the 1,000-square-foot apartment feels too cozy for the 35-year-old couple and their 4-year-old daughter, Nylah, especially since they are considering having a second child.Read Full Article: Dreaming of a bigger home
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