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A little background.. We basically rent our house in NY. We are looking to purchase a home in the Greenville/Spartanburg area (more emphasis on Spartanburg area though- beyond the city limits) We realistically could afford the two house payments on what we make in NY but we are contemplating (seriously) permanently moving down there soon after we decide where to buy and of course securing jobs. . We have 2 young children. From doing a lot of research, I'm almost certain we want to be in districts 2, 5, or 6.
So, my issue is, do we buy a preexisting house, or do we build? I know it's very "that's up to you" but I'm looking to see if anyone else has done this before and has some advice. I have made contact with one builder- Upward builders. My issue is, since this is a vacation home or I guess second house, is 20% down required? Do builders require you to work solely with the mortgage lender they like to use? We are planning a visit soon and I think we will make the time to meet with the builder to discuss options to see if it's actually something we can do.
We have the time to wait to build, the problem is, I don't think we'll have 20% down at that point (200k is our price point) We may, we may not, who knows.
Is there a way to get around this at all (if 20% Is required)?
Don't know about that area, but people are building here (Aiken County, SC) for as low as 3-5% down.
I think the main problem might be, you can do new construction with FHA financing but I don't qualify for FHA because it's not my primary residence yet
My friends in Lexington, SC built a new house for 5% down and own a home they rent here in North Augusta, SC. They have a mortgage on both.
You don't always have to use a builder's preferred lender, but working with them may have perks such as reduced closing or other fees.
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