Question Details

Katherine La…, Home Buyer in Hesperia, CA

If the house is about 90,000 how much is it monthly?

Asked by Katherine Lavender, Hesperia, CA Tue Apr 13, 2010

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if the house is $90,000, the monthly payment is $473, to be exact. I'm not going by the percentage because I have to be proficient (capable) to know the exact amount a person should pay on a monthly basis for a $90,000 house.
0 votes Thank Flag Link Thu Apr 14, 2016
this is Dixon speaking. or, in this case, typing. don't blame me, but i got this of the internet just as much as you did.
Flag Thu Apr 14, 2016
this girl is only 15 years old. how can she know this?
Flag Thu Apr 14, 2016
You will need 3.5% down payment for a FHA loan. V.A. (veteran only) and USDA (likely out of money until fall) are both 0% down.

Conventional lenders want from 5% to 10% to 20% and maybe even more for a down payment.

They want a 620 ( I saw 640 not long ago) fico score. Also, your debt to income has to be in an acceptable range. If you want to buy a house buy nothing else on credit that will not be paid off before closing.

Then you have closing costs to pay for. Maybe you can get a seller to pay for them, but it does not always happen.

the general rule of thumb is yearly income x 3 = safe gettable mortgage. Thus your income should be somewhere around $30k a year.

Ask a local lender at a bank or credit union near you for the exact details. They can give you information down to the penny.
0 votes Thank Flag Link Tue Apr 13, 2010
based on this calculator
http://www.trulia.com/mortgage-calculators/03/mortgage-payments/
The mortgage on $90,000 (no down payment, no taxes or insurance) would be $497 a month on a 30 year 5.25% mortgage.

You will have to find out what taxes and insurance would be on that property. Get a CLUE report. It is the insurance history of that property. You may find it has a history that will make it cost a lot more than other houses, or not.

It would not be surprising to find out that insurance and property taxes were $100-$200 a month more. If you have mello roos it might be even worse.
0 votes Thank Flag Link Tue Apr 13, 2010
i think that you may be right. but i hate to say this, but it is surprising, considering that i am only 15 years ld
Flag Thu Apr 14, 2016
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