Question Details

Ryan Eldridge, Home Buyer in Council, ID

Under contract on a second home under fanniemae homepath for $39k should I just pay cash or finance it? It is a nice cabin needs hardly any work

Asked by Ryan Eldridge, Council, ID Fri Jul 22, 2011

It is a good place only needs a fridge and the septic pumped, it would be nice to not have payments, but it would also be nice to have some cash.... thanks for any advice.

Offer was accepted with us doing financing but it is expensive to finance this small amount of money. Thanks for any advice.

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Thank you Ron we are looking at doing just that, putting a little over half down. I have been talking to a guy about the tax implications but with such a small amount of money and the possibility of losing the second house tax break I do not think there will be too much of a deduction.

Thanks for the advice.
0 votes Thank Flag Link Sat Jul 23, 2011
Your tax person could advise you about the tax advantages,

What I would suggest is 50% down and finance the rest,
You would have a surce of credit
and a lot of equity

Good luck and may God bless
0 votes Thank Flag Link Fri Jul 22, 2011
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