Can I afford a $300,000 house in Monteray Park, CA?
Hi, I can afford a monthly mortgage payment (including tax and insurance) of $1,800-$2,000. If I buy a house or
a condo that cost $300,000; would the payment be higher than $1,800-$2,000 a month? I am look for a house/condo in Monterey Park, Ca. Properties in Monterey Park, CA are still kind of expensive; but as long as the payment doesn't go over $2,000 (max) each month, I'd be Ok.
More information is needed to give you a more precise answer so if you like feel free to contact me.
Good luck to you.
Hi Kesarin,
A $240,000 (assuming you put 20% down) loan at 5% is approx $1,300 a month. On top of that you will have property tax with will be approx $315/month and approx $300 (just a guess) for homeowners association if you purchase a condo. You are looking at about $1900 to $2000.
You may be able to get a better rate if you have good credit. Also, association fees vary.
There are several condos in Monterey Park under $300K. Unfortunetly, there are no houses under $300K at this time.
Let me know if you need any help.
Sincerely,
Gary Gukassian
Beverly Realty
818-303-4093
mrggg@aol.com
Hi Kesarin,
The simple answer to your question is a $300,000 home is a bit beyond your reach. Assuming you have an FHA loan requiring 3.5 percent down, a $2,000 payment is equal to a purchase price of $280,000.
Please contact me if you need an FHA lender, or if I can be of help otherwise.
Best regards,
David Luke
(213) 598-5224
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