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Neshapoo1014, Other/Just Looking in Indianapolis, IN

How much is the down payment on this home & the monthly mortgage amount?

Asked by Neshapoo1014, Indianapolis, IN Mon Jan 30, 2012

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This question is about this property: http://www.trulia.com/property/3071269380-6625-Waterloo-Ln-I…

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Unfortunately that home is pending. But, to answer your question, there are all kinds of programs lately with varying down payments. If you are a first time home buyer, fees could be less. It's a great time to buy. First contact a lender and get pre-approved. Then you will know how much you can afford and the types of loans available to you.
0 votes Thank Flag Link Mon Jan 30, 2012
Neshapoo1014,

If you are looking for other $100 Down homes, visit my website at: http://www.wilsonrealtors.net/Indianapolis-HUD-Homes.html From there you can choose the area that you prefer. The $100 Down Payment Program is available to owner-occupant buyers that qualify. HUD will even pay up to 3% towards your closing costs, if it is submitted with your offer.

Here is a reference to a mortgage calculator that can help you with other payment options: http://www.wilsonrealtors.net/MortgageCalculator.html
0 votes Thank Flag Link Mon Jan 30, 2012
Hello Neshapoo1014
Your exact down payment and monthly mortgage payment amount depend on several factors. The down payment amount depends on the type of loan. A conventional loan requires 20% of the purchase price as a down payment. An FHA loan requires 3%. The purchase price is negotiable so the exact down payment will vary with the purchase price. The monthly payment varies greatly depending on the number of years (usually 30 yrs or 15 yrs), the interest rate, and the property taxes & insurance which are usually escrowed into the monthly house payment. The interest rate varies with the type of loan, number of years and your credit worthiness. I know this is a long drawn out answer that doesn't give you what you want. What you typically want to know is "Can I afford this". A very, very rough rule of thumb to guide you is the house payment will be approximately 1% of the purchase price (this includes taxes and insurance). This rule of thumb assumes a 30 year loan with minimal down payment. So, for example, a purchase price of $100,000 result in monthly house payment of about $1000/month. At today's low interest rates, this rule of thumb will 'shoot high'. In other words the actual monthly down payment will surely be less than $1000 so this rule of thumb gives you the upper range of payment estimates. It's more likely that your house payment will be less than $900 in this scenario. If you are at all serious about purchasing a house your best move is to get prequalified with a mortgage agent. There is no cost and the mortgage agent will be glad to talk with you. Don't think of a particular house having a down payment and monthly payment. Separate the mortgage payment from the property. You need to get the mortgage first and then find a property. Once you talk with a mortgage agent you will know 1) the amount of money you can borrow for any house, 2) the down payment for any house, 3) a much more accurate estimate of the monthly payment for any house. When you know that you can borrow money to buy a house, you can shop for the house that is just right for you with the confidence that you are ready to make a purchase offer. Always use a real estate agent to make your purchase - it costs you nothing and it is the real estate agent's duty to make sure you don't pay too much for the house and to help you find a house that is just right for you.
0 votes Thank Flag Link Mon Jan 30, 2012
This property is available with $100 down payment. The monthly payments will vary with interest rate, but should be around $475. Taxes will be about $100 and insurance $50 / m. However, a sale is pending.
0 votes Thank Flag Link Mon Jan 30, 2012
Hello! I always recommend my clients who are looking to purchase a home to speak with a lender to see what kind of monthly payment they would be comfortable with. Depending on the type of loan, your payment may vary. If you do an FHA loan with 3.5% down payment, the PMI amount might vary as well depending on your credit. However if you do a regular conventional loan with 20% down, at an interest rate of 4.25% for a 30 year fixed, your P&I would be $492 a month, plus taxes of about $91 a month and homeowner's insurance at an estimate of $50 a month. So altogether, you're looking at around $633 a month (this is an estimate), but again that's with 20% down. If you have any other questions feel free to contact me!

Thank you,

Sathya Kattragadda, aka Mr. Katt
0 votes Thank Flag Link Mon Jan 30, 2012
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