Jul
04
What will a house for115,000 cost me monthly? Can I get 100% financing, no money down, with a 625 CS?
By
mimi1980 asked:
Including insurance and taxes? I live in Pensacola, Florida. Is this possible? I don’t want to talk to another banker yet until I’m ready because I don’t want my credit to keep getting pulled. Right now I’m trying to boost my credit up a little by paying off old debts and I’m trying to get my car paid off by the end of the year. Any info would be helpful.
Including insurance and taxes? I live in Pensacola, Florida. Is this possible? I don’t want to talk to another banker yet until I’m ready because I don’t want my credit to keep getting pulled. Right now I’m trying to boost my credit up a little by paying off old debts and I’m trying to get my car paid off by the end of the year. Any info would be helpful.
4 Comments
July 8th, 2009 at 1:13 am
Our house has a 140,000 loan, we pay 1,100 per month and that includes the mortgage payment, homeowners insurance, property taxes & PMI insurance.
Our original loan had no money down, we used an 80/20 loan. There are 2 loans, one for 80% and one for 20% of the mortgage, so we didn’t have to pay the PMI insurance. Talk to a mortgage broker and figure out the best option for you. They won’t pull your credit till you tell them to.
Good Luck!
July 9th, 2009 at 1:08 am
On a 100% loan you’d pay $726.88 P&I, to that add 1/12th the yearly tax debt and 1/12th the annual fire insurance premium.
Be careful paying off debt, sometimes paying everything off can negatively impact your credit score.
By the way, the minimum credit score for that program is 620.
July 11th, 2009 at 7:06 pm
a good rule of thumb to use is 1% of the mortgage amount so you dont get any surprises. So for 115k…expect to pay 1,150 per month total…could it be lower? sure…it probably will be by a little bit, but if you use that 1% as a rule of thumb you wont get any huge surprises.
July 13th, 2009 at 8:44 pm
There’s an easy to use mortgage calculator and a bunch of free reports about buying your first house at mortgage.freereportforyou.com.
It’s a good idea you educate yourself before some fast talking mortgage sales person takes advantage of you.