Home Buying in Richmond>Question Details

Lavonna Crad…, Renter in Atlanta, GA

How much could we expect to pay for a home priced @ 330K, with a tax rate of 3.25 ?

Asked by Lavonna Craddock, Atlanta, GA Sat Dec 8, 2012

Financing under VA or FHA, which would be better?

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Answers

7
Don Groff’s answer
If you can go VA that is definitely your best way to go over FHA. You should really speak with a lender who can go over all of these options with you so you can see which one makes the most sense.

Best of luck to you.

_______________________________________
Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
listings@dongroff.com | http://www.AustinListed.com
0 votes Thank Flag Link Fri Dec 14, 2012
If you have a lender in place they can tell you exactly what you will pay, they will also let you know which will be better VA or FHA for your situation. Your question can not be answered here because all of the details are not known nor should they be posted here.

Best wishes on your new home !
0 votes Thank Flag Link Sun Dec 9, 2012
Where are you looking to buy?

Taxes will be a big portion of your payment.

Others have calculated P&I for you.
You can look up taxes online and get your own homeowners insurance.
or
You can call a local loan officer and have them give you an estimate


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0 votes Thank Flag Link Sat Dec 8, 2012
It depends on what subdivision you are talking about. You need to analyze with regard to marketing time, foreclosures in the subdiivision and whether new builds are competing. VA would be better if you wish less cash investment.
0 votes Thank Flag Link Sat Dec 8, 2012
Lavonna,
The rate of payment that is PITI (principal,interest,taxes and insurance) will all depend on the type of loan
you take and the down payment you make.
Also the interest rate you qualify for.
VA loans are the cheapest if you qualify.
Best bet talk to a lender and disuss FULL options with him.
Here is on
David Krichmar
Schmidt Mortgage Company
Approved MCE Instructor
Direct:832-689-6012
fax:832-204-3353
David.Krichmar@gmail.com
http://www.DaveYourMortgageGuy.com
If you have addition questions or information you may need please fell free to contact me and see my attached video.
0 votes Thank Flag Link Sat Dec 8, 2012
Thanks for this information. My friend was going VA, but it appears there are certain guidelines that apply when it comes to overseas income, what can and can't be counted. It seems you have to be on the job a full two years before they would consider the OT and bonus $. Looks like we will have to wait since we need a full two years of overseas income to get a true qualification number. Our original lender wanted to push to FHA, but I guess they didn't know of the loan limitation for FHA.
Flag Sun Dec 16, 2012
I presume you are asking about the monthly payment. For a 15 year note your P&I is $2169 with 5% down. For a 30 year that drops to $1343. If you are more specific about the home and the mortgage type with downpayment I could include taxes and estimate your insurance. I think you may already be aware but there are mortgage calculators online that can give you good estimates. For your taxes go to the Fort Bend property appraisal website and find the property. It will provide the exact tax rate. If you would like more help just post or feel free to call or email me.

As for FHA be aware that mortgage insurance premiums will most likely go up next year and if you don't put 20% down you may not be able to remove the insurance for the life of the loan. Currently you can when the loan to value reaches 78%. For more on that visit my blog on our website. It will explain what is happening and how will impact you as a borrower.

If you qualify for a VA loan that might be your best option depending on your situation. Usually that is the best route but many factors should go into choosing a type of loan. I would need more information and speak with you to help really guide you in the right direction. You can also speak with a bank or mortgage broker. They will help for free and we all love free help. Web Reference: http://www.
0 votes Thank Flag Link Sat Dec 8, 2012
You are almost always better off with a VA loan if you can get one.

Not only do VAs offer 100% financing (conforming loan limit for VA loans is $417,000 in most parts of the country so it is likely that at 330K you qualify for 100%) but you also are not required to pay monthly mortgage insurance premiums.

There are the VA funding fees that have to be paid which varies based on the type of military service you performed and also varies based on if this is first time loan or second/third... loan. Yes, you can take out VA loans more that one time! If you are a qualifying disabled Vet then you will never pay any VA origination fees.

Did you mean tax rate or interest rate at 3.25? You really need the interest rate, tax rate (annual or monthly stated) and homeowners insurance rate as well as your VA service level to calculate the expected payment. Can you supply those details?
0 votes Thank Flag Link Sat Dec 8, 2012
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