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URL:  http://boards.fool.com/1st-time-buyer-dazed-and-confused-13885392.aspx

Subject:  1st time buyer dazed and confused Date:  12/12/2000  11:42 AM
Author:  mitzuko Number:  15684 of 128947

I have been looking for a house, but not hard as I wanted more down payment saved. However, my landlord has just informed me he is selling. I don't want to buy his place (okay to rent, but I wouldn't want to buy). I don't want to move to another rental as that would entail moving expenses twice (I plan on buying within 6 mos). So, that leaves me needing a house now. I live in a small town with little on the market.

My choices are basically between 2 houses. One is 135K the other 150K. 135K would need work (updating, expanding certain rooms) and I don't love it. (I do love the land it's on) The 150 is already remodeled, has quite a few amenities and I like it. I have pre-approval for 130, haven't tried for more.

Now, my questions: The 150 would be a stretch if I decided to stay at home later. I have 19K saved of which I figure 15K for downpayment. I have about 9K in mutual funds (if they haven't tanked more!) and I can borrow up to 26K from 401K. Should I cash in MFs and get 401K loan to up downpayment amount; lowering house payment? Is it better to buy cheaper house, remodel? Is it better to put down what I have currently saved, then if necessary later on, refinance to lower payment?
Shall I track down the Maytag man and request the biggest box?
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