Caseyrai

Based on a purchase price of $70,000 and a down payment of 3.5% (FHA Minimum)
Principle and Interest = $412 (Based on 6% interest rate. Nota good rate today, but this a cautious quote)
Estimated homeowner's insurance of $70 (you choose the insurance)
Taxes $135 (depends on the area you buy)
PMI $31
Total $648/month.
You will need 3.5% for down payment and probably some for closing costs. There are some niche deals with less down but until we know where you are buying, these are just the basics.

Please feel free to contact me for any specific follow up questions.

Tom Burris
Mortgage Banker
DallasLoanGuy.com
214-763-4629

Caseyrai,
I am too far away to ask to show you the home but if you go to my web site you can qualify your self for price range and find out how much Principal and interest will be. Taxes and Insurance are usually added to the payment so if you know the Taxes divide by 12 and just figure 500 or 600 on insurance for now. 600 os easier so you will figure 50 a month for taxes.
Congratulations
Margaret

Congrats on buying at such a young age. I would consider talking to a qualified loan officer in order to check out your credit and make sure you are approvable. Main concern is that you just dont have enough credit and with the time frame you have you would have time to build it a bit. Secondly you will need at least the 3.5% down payment which is $2450. There is also Closing Cost associated with every loan typically a buyer pays anywhere from 5 to 6% at this price range. The good news on these is that you can roll them into the loan and have the seller pay them. If it makes sense to do so. Lastly I would consider moving your purchase date up to closing before December 1st. You will then qualify for a $8000 tax credit from the government. Missing this by only a month would be kinda disappointing. I would suggest interviewing some Realtors and going with one you feel comfortable with. A good Realtor costs you nothing and can be very helpful. Obviously you can call me with any questions and check out my website. I offer buyers some great incentives that many agents cannot.

Thanks
RJ
214-682-0598

Caseyrai, You really should use the information & advice/tools provided on these sites...
http://www.hud.gov/buying/index.cfm

http://portal.hud.gov/portal/page?_pageid=73,1827624&_da…

They will give you access to free counseling and advice, information on many programs, a step by step process to check/verify details and homebuyer programs that if you participate in them may qualify you for more access to assistance. Check them out.

Dunes

Casey,

You have some great answers already. You definitely need to get with a lender to see what you need to do, as well as a Realtor. In a nutshell, if you don't get a HUD home with the $100 down payment, you will need to have at least 3.5% for a downpayment, on a $70,000 home that is $2450. On top of that you will need closing costs which can run about 3-6% of your loan, so approximately another $2100 - $4200. So as a minimum you are looking at approximately $4550, and approximately $6700 on the high side. All of this depends again on the things that Lynn and Nicole pointed out. I wish you much success!!


Jackie

Casey,

Nice going. I wish I would have bought my first house at 19....
Quick numbers are $700/month for payment, insurance, taxes, and interest.
You probably need a little more than that to pay for basic maintenance around the house.
I'm guessing you also need to plan to have about $5000 cash to pay for earnest money, option money, inspection, deposits on utilities, down payment, and closing costs. It is possible to do it for less, but that's probably a good target to shoot for.
ASAP you need to get in to see a loan officer. Go to your bank or credit union if they will do it for FREE. Have them prequalify you for a loan TODAY. This will give you an exact number of how much money you can borrow, what interest rate you will get, how much the monthly payment will be and how much money you might need exactly for down payment and closing. That way if you need to work on your credit scores or remove negative information you have time to do it. If you need to save more money you have time to do it.
Doing it now will save you from negative surprises in the future.

Good luck and congratulations.

GREAT QUESTION:

Difficult to state all is based on following:
Credit scores
Debt ratio
2 years of employment
3.5% or more as a downpayment

HOWEVER purchasing a Mesquite home for sale is EXCELLENT than making a landlord rich. YOU RECEIVE annual tax benefits

I am a Dallas realtor and loan officer “one stop for all your real estate services”

CONTACT OUR OFFICE TODAY
972-699-9111
Lynn A. Crosby ~ National Featured Realtor
"...Specializing in Residential, Commercial Properties and Loans..."
Dallas Realtor, and Credit Repair Consultant -
The Michael Group - "Dallas Business Journal 08' list top realtors"
Dallas Loan Officer - Homewise Lending
Dallas Real Estate Office: (972) 699-9111
Dallas Real Estate Website: http://www.lynn911.com 60,000 listings Dallas homes for sale

Hi Caseyrai,

Buying a home in January, it will depend on the interest rates available then. If you'd consider buying a home/town home now, I can tell you that interest rates do vary depending upon your debt to income ratio, credit, and lending guidelines for your loan. A HUD home can be purchased right now for $100 down. The federal government has issued an $8,000 homebuyer tax credit for qualifying homebuyers. There are all kinds of great programs out there right now coupled with low interest rates. Why wait until January?

For a $70,000 home, if you go conventional at a 6% interest rate and put down less than 20%, add homeowner taxes, add homeowners insurance, your looking at a number close to $600-700 a month total.
However, it will depend on the tax rate for the city you choose, average across the metroplex ranges from 2-3%. It also depends on how much you put down, and your credit, and the loan program you go with.

As a Realtor, I can help you find just the right house and acquire it. A lender can help you with the lending. I have found that a lot of people like Katie with CMC Lending, she specializes in First Time Homebuyers and programs available, as well as buyers buying a new build home. Her website is: www.
katiesparkman.com and you can make loan application on her website.

Email me and let me know what types of homes you would like!
Nicolearenas@ymail.com