Home Buying in Mesa>Question Details

David, Other/Just Looking in 85204

What kind of home (price etc.) can be purchased with mortgage payments around $600 per monrth?

Asked by David, 85204 Sun May 13, 2007

Wife and I are looking for a 2 bedroom 1 bath and wanted to buy if at all possible. We would need the monthly mortgage payments to be just about $600 a month to make it work. Is this at all possible?

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That would depend on how much you put as a down payment. With a minimum 5% down, you may be looking at $100,000 - $105,000 for a purchase price to keep your loan payment around $600/ month. This does however depend on your FICO score and debt to income ratios.

It is possible, let me know what exactly you are looking for and I can email you a list of what matches your requirements.
Web Reference: http://www.jameswehner.com
0 votes Thank Flag Link Wed Mar 12, 2008
Of course it is based on where you live as to affordability factors. However, you need to figure that the cost per month per thousand for a mortgage is approx. $6.00.
0 votes Thank Flag Link Tue Mar 11, 2008
Contact a Mortgage Professional for qualification and find out what you qualify for and discover your pruchase price range.
0 votes Thank Flag Link Tue Mar 11, 2008
That will get you about a $100,000 mortgage. You would still have to pay taxes and insurance however.
Web Reference: http://getprequalified.com
0 votes Thank Flag Link Tue Nov 6, 2007
David, First you should contact a Local Mortgage Professional who can pre approve you (This is Free). once you know the programs that you qualify for then you will know how much home $600 a month will buy you, it can be $100,000 or 60,000 based on the rate.
0 votes Thank Flag Link Mon May 14, 2007
Actually at todays interest rates your loan would be closer to $90k and that would just be principal and interest, it would not include taxes and insurance or possible PMI. It also would not include any HOA or rental fees if you were to purchase a motor home.
Web Reference: http://www.lauriemanny.com
0 votes Thank Flag Link Mon May 14, 2007
Your loan would be around 100k for a payment in that range. A good est. tool is around 500-600 per 100,000 you borrow for a reasonable / safe mortgage. Hope this helps.
Web Reference: http://www.flippingpad.com
0 votes Thank Flag Link Sun May 13, 2007
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