2a. Down Payment
If the primary mortgage is for MORE than 80% of the value of the property, you normally must pay PMI (Private Mortgage Insurance). This has been, for most people, a no-no, but as of January, 2007, for many people PMI charges became tax-deductible-and the biggest objection to PMI may have vanished. The alternative for most is to take out TWO loans, with one being for 80% and the other for up to 20%.
Specific choices will follow in subsequent posts.
Visit our website to read more about Chicago multi-family homes with two or more flats.
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