Home Buying in 33414>Question Details

Amador, Home Buyer in Florida

my budget is : $1500 a month for mortgage, how much money would i be able to finance?

Asked by Amador, Florida Sat Jul 25, 2009

3.5 % down FHA loan first time buyer and 620 score

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6
the whole thing is a farud, since the banks are not even putting up a legal form of consideration. There is NOTHING on their part that constitutes something of real value or sufficient for a "fair" transaction to occur between itself and the customer. The banks prints money out of thin air, all the time, hence it is an illegitimate form of consideration, while people have to put their REAL money down, money they worked for.

What gives the banks the right to create money out of thin air? and to hold people liable for paying that money back, when it did not legally produce it to begin with!

Fact: Banks have the ability to loan out 9 times that of any deposit that is made in their money supply. This is fraudulent and an outright theft of the people and really a form of modern slavery, since the public and government can never break free from debt, they will never be able to solve the most fundamental issues of their lives and society.

Why is it unsustainable? INTEREST! Thats right, interest is the most mind boggling thing ever, since Bnka A gives you $10 and expects you to pay them $14 in return. But wait a minute, when banks are the ONLY ones who have the power of giving loans with interest, and there is always going to be less money in circulation than what is owed in general.....where does the money come from to cover the outstanding debts owed by everyone to everyone? IT DOESNT, so thats why people have to be thrown into an inhumane system of exploitation and abuse to steal money from one another to pay their debts. And the ones who lose their job, or anything of devastating effect...will lose their homes, and thats why there will always be poor pockets of people ins society, due to the structural disparity and inequality BUILT INTO this system.
0 votes Thank Flag Link Tue Dec 11, 2012
Dear Amador,
If you are trying to take advantage of the first time homebuyer tax credit then you need to act quickly. The deadline is November 30 and the home buying process can take several months. Especially if you plan to purchase a short sale, which accounts for most of the properties on the market in Florida. My company does both real estate and mortage and I can help you get into a property fast. The first step is to get pre-approved for a mortage and then start the house hunt. Call me today to get started.

Thanks and Best Regards,
Kris Persaud
Realtor
Keyes Real Estate, Mortgage & Title
Mobile: 561-310-8471
Office: 561-845-6036 ext. 31209
Fax: 561-845-6443
Email: krispersaud@keyes.com
0 votes Thank Flag Link Wed Aug 5, 2009
Amador,
As a mortgage banker processing loans we include the entire cost of housing. The typical customer who gets a $1500 a month mortgage, should include principal and interest, hazard insurance, real estate taxes, mortgage insurance and home owners association dues into their monthly payment and corresponding budget. When you look at it that way, its more realistic and you can get around $150K to $160K loan. Buying a home is a very important decision and theres no need to guess costs. I can give you a Good FaithEstimate based on your particular situation and the home you are buying. I live in Wellington, so call me anytime if you need help.

Frank Olguin
Mortgage Banker
AmericaHomeKey Inc.
500 W. Cypress Creek Rd, Suite 330
Fort Lauderdale, FL. 33309
Folguin@americahomekey.com
Hablo Espanol
office 954-771-7715 x104
cell 561-386-9731
pfax 954-379-4469
Florida Mortgage Lender
No. ML0700325
0 votes Thank Flag Link Sat Jul 25, 2009
Your budget is set by you but how much you can borrow is set by the lender. Some criteria they use to base that on is income, car payments, housing expenses etc...

You can run some different scenerios on this mortgage calculator: http://www.floridadreamloans.com/scripts/MortgageQualifier.html
0 votes Thank Flag Link Sat Jul 25, 2009
Keep in mind you also need include insurance, taxes, repairs for a budget , all is based on interest rate at time of "lock on loan"

Keep in mind you receive annual tax benefits owning a home, with increase in values

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
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Lynn911
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0 votes Thank Flag Link Sat Jul 25, 2009
That would give you about a $230k loan at 5.5% interest. You would need to make $65k/yearly.
Web Reference: http://www.LuxorDreams.com
0 votes Thank Flag Link Sat Jul 25, 2009
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