Try checking out your credit union if you are apart of one, their rates are normally lower. Please be sure to screen a Realtor before making that leap for them to represent you.
If you find a foreclosure it may give you more of a bang for your buck. Lastly keep your options open Memphis and Mississippi are very close and you may get more home and yard in Mississippi for your money. Any questions 901-598-7069 or 901-409-5490.
In this case based off of the information provided, that would come out to between $867 and $1000 per month.
From there we work backwards to arrive at a recommended or maximum loan amount. It could be more or less than $105,000 because this mortgage amount needs to include property taxes, homeowner's insurance, and PMI since you are putting less than 20% down.
Like I said, feel free to give me a call or shoot me an email. 10 minutes on the phone to answer a few questions can help make things much clearer.
I'm glad to help.
Loan Officer -NMLS #966417
WCS Lending, LLC
Toll Free: 866.936.5363 ext. 278
If you would like more information, or need help finding a lender, feel free to contact me and I'll do my best to help you out.
I work with a very qualified lender loan officer at Bank of Bartlett Mortgage. Her name is Vivian Smihey,
Google - vivian smithey bank of bartlett mortgage - she is second on the list,
Doug Conner (901-590-5749) - Cell #