Home Buying in San Antonio>Question Details

lovelymisty3…, Other/Just Looking in San Antonio, TX

If we are planning to purchase a home in San antonio what price range would we need to look at for payments to be $1100 or less?

Asked by lovelymisty3310, San Antonio, TX Tue Aug 14, 2012

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I love that you have thought about your payment comfort zone first because this is the first question I ask buyers who ask me what they are qualified for. But unless I know what your goals are for down payment and closing costs. . .in other words, your initial investment into your home, I can't be as precise as I'd like to be. If you find a home in a USDA eligible area, we can go up to 100% financing. You can even ask the seller to pay all closing costs and prepaids. That payment would be in your range at around $150,000, depending on insurance and taxes. If you aren't VA eligible, FHA would be the next lowest investment with 3.5% down, and seller contribution to your closing costs. That sales price would still be around $150,000.

Of course, if you are prepared to put higher amounts down, we can't say for sure what price it would be. Taxes and Insurances would be higher on those increased prices.

So we all suggest you get with an experienced and licensed loan officer to match your goals and abilities with the right loan and home price.

Good luck!
Barbara Coker
NMLS#228545
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas for 30 Years
Web Reference: http://www.thecokerteam.com
0 votes Thank Flag Link Thu Aug 16, 2012
I am guessing, not knowing all the facts someone would need, $ 130,000 to $ 155,000. $ 200,000 to $ 250,000 with a h u g e down payment maybe. What sounds to good to be true, is too good to be true. Sounds like catch and bait to me. Get in contact with a reputable local lender (San Antonio that is).
Web Reference: http://www.SAHomes4Sale.net
0 votes Thank Flag Link Wed Aug 15, 2012
LovelyMisty3310

The problem with answering this question is that no one can really give you this answer without knowing really where you want to live. The reason is San Antonio/Bexar County and surrounding counites have different tax rates and many areas in San Antonio are actually outside the city and therefore have less taxes. Why this is important is your taxes play into what is your PITI (Prinicple, Interest, Taxes, and Insurance). Even your Insurance can be affected by city and counties, but not as much. Unless you are putting down 20% on your home, you must escrow your taxes and insurance and therefore this is including in your payments every month.

That being said, if I as a Realtor, knew what are of town you were interested in that would help get us started. I would then let the lender you selected (I have numerous ones I can recommend if you don't have one) know the area and we (the lender and I) could come up with a price range for you. We (you and I) could then set up home searches in MLS for you and send you homes only matching that price range as well as your specific criteria.

So as you can see it isn't as easy as just giving you a range and that is why some gave you a range of $150K and some in the $200K range. They may not be wrong as it all depends on where you live. However, depending on interest rates, I do think $200K range is a stretch. The $150K range is more likely.

Please feel free to call me and I would be happy to help with referrals or as a Realtor. If you have any questions at all, please don't hesitate to ask.

Respectfully

Terri Saari, Realtor®
GRI, CNE, SFR, e-Pro, ABR, AHLS, CHMS, CNHS
Certified Relocation Specialist
Retired United States Air Force
Kimberly Howell Properties
21252 Gathering Oak, Ste 100, San Antonio TX 78260
210-887-3477 Cell
210-493-6888 Office
210-493-7002 Fax
http://www.WelcomeHomeToSA.com
Texas' FIVE STAR Realtor 2012 and 2011 as seen in Texas Monthly
Platinum Top 50 Award Winner 2011

Texas Law requires all Real Estate Licensees to give the following information about brokerage services: Please click or cut and paste this URL into your browser Http://www.trec.state.tx.us/pdf/contracts/OP-K.pdf
0 votes Thank Flag Link Tue Aug 14, 2012
That is based on your lender approval amount who will provide a letter for your Realtor assist in your search .

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com

Follow me on Facebook
http://www.facebook.com/lynn911dallas
0 votes Thank Flag Link Tue Aug 14, 2012
All things considered (taxes, insurance, pmi, etc) spend no more than $145,000. That purchase price would give you a payment in the $1100 range. Of course area will affect payment due to taxes. I have a lender that can check credit and get you pre-approved immediately. Call or email me to discuss further. Lots of variables as mentioned, but that is a good ballpark figure.

Stephen Schumacher
Larsen Properties
210-251-1468
Stephen@satxpm.com
0 votes Thank Flag Link Tue Aug 14, 2012
Hi there!

Without considering interest or taxes, we are looking at a stretched price range of $225,000 to $250,000. Feel free to contact me anytime. I am glad to be of SERVICE!

Monica Tillman
Wakefield, REALTORS
19210 Huebner Rd Ste 205
San Antonio, TX 78258
Office:(210) 490-7039
Cell:(210) 771-0657
Fax:(210) 491-9623
mtillman@wakefieldrealtors.com
0 votes Thank Flag Link Tue Aug 14, 2012
Too much goes into it to give you an accurate price. Is your credit good enough to get a 3.85 interest rate or only a 4.75 interest rate? This minor difference can change your monthly payment by $50-$70 dollars. 2 homes could cost the same but the taxes could be double on one based on location which could also change your monthly payment considerably. There are many variables to get your monthly payment.

The bottom line is that the first answer is correct - it's best to first see what you qualify for and what interest rate you can obtain. To do this, I recommend you contact Lisa Warren at SWBC Mortgage. She can let you know where you stand financing wise and see where you are credit wise. And it won't cost you a penny. Here is her contact info:

Lisa Warren
Senior Mortgage Banker - SWBC Mortgage
NMLS# 227358
8400 Blanco Rd, Ste 100
San Antonio, TX 78216
210-494-5626
lwarren@swbc.com
http://www.swbcmortgage.com/warren

She is super easy to work with. Let her know Darrell recommended her and whenever you are set to start your house hunting, I'll be glad to assist. Good Luck!


Darrell D. Drouillard
Home Team of America
16719 Huebner Rd., Bldg 4
San Antonio, Texas 78248
210-373-6160
210-881-6760 (Fax)
http://www.dddrealtor.com

'Serving all Your Real Estate Needs'
0 votes Thank Flag Link Tue Aug 14, 2012
Generally you could say the payment would be about 10 % of the purchase price, after down payment, if any, of course. With these extreme low rates you will be able to get more house for the money, provided you have a decent credit rating. You really should contact a lender first, before you start shopping, preferably a mortgage company, not a bank, who can shop around for your best rate and terms. Banks only have their own product to offer, which might or might not be a good fit for you. Once you talk to a loan officer and determine what your price limit is, you can start the property search. That is when you should take advantage of the knowledge of an experienced agent, who knows the areas well and the ins and outs of real estate and represents you and not the Sellers of the properties you will be interested in.

I can provide you with the contact information of great loan officers I work with and trust. Of course, if you are looking for an experienced agent, look no further. Just give me a call or e-mail me.

Claudia McShane
Joyce Klein Realtors
(210) 744-4502
The_Realtor4u@yahoo.com
Web Reference: http://www.SAHomes4Sale.net
0 votes Thank Flag Link Tue Aug 14, 2012
Hi Misty,

The monthly payment will depend on several factors including the tax rate for that home and the loan program you use. It's always a great idea to start off with a lender and see what the payments will be for you and your situation. From there you can determine your buying power. I have a lender I can refer to you if you like.

Also, if you are ready to start your search today you can visit http://laughyrealtygrouptx.com/property-search/.


Thanks,

Marcus Laughy
marcus.laughy@gmail.com
0 votes Thank Flag Link Tue Aug 14, 2012
You need to get with a mortgage broker. They way you are looking at it is knew cart before horse. It is the loan terms that dictate payment and your qualifications that determine how much loan you will get.

What we tell you may change when you try to get the mortgage for that house. Real Estate starts with the financing first truth be told.


Chris Hutchinson
REALTOR
Chris Hutchinson Real Estate
The Michael Group
972.809.0607
http://www.chrishutchinsonrealestate.com
0 votes Thank Flag Link Tue Aug 14, 2012
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