Not trying to pry or anything. When you said 2 or 3 bedrooms, my first thought was to get a house, because you'd be paying just as much for a mortgage as rent. However, since it's roomies, it's a different situation. If I had to do it all over again, I would bunk up in the parents' place for a year+ after school instead of buying a house to pad the savings a little more.

 

This is my exact situation. I want to buy a condo/house, but the timing is just not right. It makes more sense to rent now and get a better idea of what I actually can afford as far as buying goes. I probably should bunk with the parents for awhile, but it just doesn't fit my lifestyle at all.

 

The apartments in Steeplechase look very nice and affordable. I am going to make a visit out there next weekend.

I'm also kinda looking for a place as well. Just can't decide right now.

It just depends if you can put 20% down I would buy. However, condo's and there association fees would push me toward a house. I can cut my own grass.

 

Taylor Mill/Independence area has some good buys.

Why would you leave Lexington?

It just depends if you can put 20% down I would buy. However, condo's and there association fees would push me toward a house. I can cut my own grass.

 

Taylor Mill/Independence area has some good buys.

 

You don't need 20% down to buy a house. You can just put 5% down and still avoid PMI.

You don't need 20% down to buy a house. You can just put 5% down and still avoid PMI.

 

Whats PMI?

It just depends if you can put 20% down I would buy. However, condo's and there association fees would push me toward a house. I can cut my own grass.

 

Taylor Mill/Independence area has some good buys.

 

 

Yep, Walton Nicholson Road alone has 2-3 cheap priced houses that have been for sale for a while now.

Yep, Walton Nicholson Road alone has 2-3 cheap priced houses that have been for sale for a while now.

 

How many bedrooms, and how much land?

One is 5 bedroom 3 bath, I'm not sure on the land. It looks like it needs some work, but it would be a good college house. I'm not positive on the others so I wont say anything towards them.

You don't need 20% down to buy a house. You can just put 5% down and still avoid PMI.

 

I didn't know that. Things have sure changed since we bought.

Whats PMI?

 

Private mortgage insurance. Used to be required if you didn't have at least 10% down payment and sometimes lenders would require it if you didn't have 20%, depending on your situation. It is protection for lenders, not borrowers.

Private mortgage insurance. Used to be required if you didn't have at least 10% down payment and sometimes lenders would require it if you didn't have 20%, depending on your situation. It is protection for lenders, not borrowers.

 

:thumb: Basically, avoid it if you can.

Yep, Walton Nicholson Road alone has 2-3 cheap priced houses that have been for sale for a while now.

 

If they are on the Walton side of things, the property taxes are through the roof and could be a budget buster.

I didn't know that. Things have sure changed since we bought.

 

Yep. 6 years ago, we did an 80/15/5. 80% mortgage, 15% second mortgage, and 5% down. We did this to avoid PMI since we didn't have 20% for our first house. Now, we're building a new house. I wanted to put at least 10% down this time around, and do a 80/10/10 or similiar to avoid the PMI. The lender showed us that if you can't put 20% down, it's actually better to put less down and you don't have to worry about PMI as they don't do the multiple mortgages anymore. So, we're only putting 5% down this time around, and I can take that extra 5% and pay off my car. The payment difference of 10% to 5% is minimal, and we actually could've put 3% down and still not pay PMI. The rate gets better the more you put down, but right now with 5% down, we're locked in at 5.75%.

Moved into Legends at Steeplechase last weekend. I absolutely love it so far.