Chris Proctor, Home Buyer in Nashville, TN

What would be your payment if you a down payment of 1500 to 2000 on a townhome priced at 110,000 or less?

Asked by Chris Proctor, Nashville, TN Tue Sep 24, 2013

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I work with a lot of lenders and it varies on credit score etc ....I am hearing from some of them that the rates are about 3.75 % with pretty good credit . If you want to see and condos are townhouses let me know...
0 votes Thank Flag Link Wed Sep 25, 2013
The answer would $547 (approximately) based on the sale price of 110,000 with $2,000 down (108,000) at 30 year fixed rate mortgage 4.5% interest. This is not counting taxes and insurance due to it varying area to area and buyer to buyer. In my area Clarksville, Tn you could add roughly $200 to that and you would be safe. Keep in mind you may have an condo association fee there as well and taxes could be much higher. Hope this helps.
0 votes Thank Flag Link Tue Sep 24, 2013
Hi, Chris ... talk to a local lender. I'm not aware of any loan programs that have that low of a down payment permitted. Lowest I'm aware of is FHA, which carries a 3.5 down payment assuming the townhouse you're purchasing is FHA certified.
0 votes Thank Flag Link Tue Sep 24, 2013
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