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170k cash on hand. What do I do?

Hey all,

My wife and I have 170k, live in Long Island NY and are looking to buy a house in western Nassau or eastern Suffolk counties. We currently pay 1000$ rent in a friends apartment with no commitment.

In looking for a house we are having a extremely difficult time finding houses other than shitty overpriced flips and large houses that need tons of work. My loan officer suggested we look into putting a lower down payment on the house in order to have more cash available for renovations while paying PMI. After renovating, I am to then get my home appraised to remove the PMI. Credit score is 790 so PMI is low according to the loan officer.

Is this sound advice? Is it risky due to the Coronavirus that my home value may tank in 6-12 months thus making me pay for PMI longer?

NY sucks

TYIA

submitted by /u/kl2239
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source https://www.reddit.com/r/RealEstate/comments/g9hshp/170k_cash_on_hand_what_do_i_do/
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