Assuming you don't already have an existing mortgage loan, you may go FHA financing which means you would need a 3.5% down payment.
Loan Summary (estimation on FHA loan)
Loan Name: Garcia
With FHA at 3.5% interest rate you are looking at a payment of about $1712.76. This includes principal, interest, mortgage insurance, hazard insurance and taxes.
With a Conventional loan you are looking at a total payment of $1525.88.
With a VA loan your payment would be $1463.49.
If you have further questions, or if I can assist you in looking for a house or helping you get qualified you can call or text me at (915) 549-1962 or you can email me at SellingEP@gmail.com.
Also, do not forget to visit my website at http://www.SellingEP.com to view ALL of the current houses for sale as well as the most recent foreclosures.
I look forward in hearing from you!
Here is a few scenarios based on today's FHA rates:
With 3.5% down based on a $205,000 sales price and a loan amount of $197,825, 740 Credit Score, El Paso County:
-30 Year Fixed at 3.25% (APR - 3.46%) - Principal & Interest payment would be - $860.95 + Taxes + Insurance + Mortgage Insurance Premium
-15 Year Fixed at 2.875% (APR - 3.022%- Principal & Interest payment would be - $1,354.28 + Taxes + Insurance + Mortgage Insurance Premium
With 20% down down based on a $205,000 sales price and a loan amount of $164,000, 740 Credit Score, El Paso County:
-30 Year Fixed at 3.5% (APR - 3.763%) - Principal & Interest payment would be - $736.43 + Taxes + Insurance
-15 Year Fixed at 3.125% (APR - 3.376%) - Principal & Interest payment would be - $1,142.44 + Taxes + Insurance
Please contact me if you would like to start your pre-approval process if you have not done so already.
Premier Nationwide Lending
Residential Mortgage Loan Originator
NMLS RMLO ID #: 530178
Phone: (214) 497-8150
Residential Real Estate Agent
License #: 0583491
Phone: (214) 497-8150
Here's a break down on the monthly payment for this home with an FHA mortgage at 3.25%.
Principle and interest = $860.95
Home owners insurance (estimated) =$75.00
Property taxes (estimated) = $387.75
FHA monthly mortgage insurance = $213.54
Total estimated monthly payment = $1,537.24
You can find a mortgage calculator on my website that includes the FHA mortgage insurance as well as estimates for taxes and insurance.
For a great phone app for finding properties in El Paso text the word SNOWMAN to 87778. It will give you the most current up to date information.
Happy hunting and let me know if I can be of assistance in your search.
Feel free to contact me with any other questions.