Home Buying in Topeka>Question Details

William Still, Home Buyer in Topeka, KS

I'm wanting to buy a home(3-4br, 2 ba)how much could I afford if I?

Asked by William Still, Topeka, KS Fri Jan 27, 2012

Me and my wife and two daughters will be moving back to Topeka, Ks after I get out of the army in the next year or so. I want to know aprox. how much I will be able to buy a home for. I will be able to 15000 down and will have a VA backed home loan. Im looking for a 3-4 br and 2 ba. Also I have around a 760 credit score. Im only planning on paying around 700 dollars per month on the . Whats the max amount I can put down on a home and be in my goal roughly so I know what to be looking at?

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My husband and I own a home here in Topeka. Our is located in grand oaks development. My dad is retired from army on Fort Riley and we are now ready to leave Kansas but have to sell our home first. Home is 3 bedroom, 2 bath. Full basement, which is ready for 2 additional rooms and another bathroom. We r not interested is making any money off the house just want to a least break even. We have been the only owners of the property, it is 5 years old. If interested at all or want more info. Reply and I can give you more information.
0 votes Thank Flag Link Fri Jan 27, 2012
With a VA loan, you can get 100% financing. However, by putting money down, that would increase the total amount of home you could buy.

I'm not a loan officer, so I can't even start to give you specifics. However, just working very crudely with your numbers: If you plan on paying $700 a month, assuming a 4% interest rate, 30 year fixed loan, that would cover the principle and interest on a $146,623 mortgage. (Recognize that in addition to principle and interest, there are also the property taxes and insurance.) If you put $15,000 down, that would mean you could buy a $161,623 home and end up with that $146,623 mortgage that would take $700 a month.

Again, there are a variety of other factors that come into play. (Good credit score, though. Congratulations on that!) But a real rough answer is that you might be able to look at homes up to about $160,000.

Hope that helps.
0 votes Thank Flag Link Fri Jan 27, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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