Property Q&A in Dallas>Question Details

Michael Rich…, Home Buyer in Dallas County, TX

I will be coming back from Kuwait in sept and i wanted to know what kind of payments i would have on a home

Asked by Michael Richardson, Dallas County, TX Sun Jul 12, 2009

like this if i put 20000 down and financed the rest email

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Congrarts on comind home and thanks for your service. If you were looking to purchase a home such as this. I would almost say try and find a conventional lender to lend you the money for the purchase and use your cash for the rehab.

If you put $20,000 down on $30,000 note you would definitely need to go to a bank or credit union and your payments would really depend on how many years you financed over.

If you have any questions feel free to call or email any time.

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0 votes Thank Flag Link Sun Jul 12, 2009
Michael, it is so exciting that you get to come home! My husband was in the military and I remember that so well and the anticipation. Your payment depends on the price of your home and what interest rate you will receive. Know that you will be required to put money down, you will also have closing costs that will include your lender & title fees and your prepaid items such as escrowed insurance and prepaid taxes. Just an example, if you ultimately finance $150K at a 5.5% interest rate for 30 years, your payment woud be $851.68, then you will need to add $400-$500 per month for taxes and insurance. I hope that gives you a good ballpark idea. Please feel free to contact me anytime with questions, I used to be a loan officer before and I would love to help you with your transition back home. Call me anytime at 214-909-6680 or you can email me at Congratulations!!!
0 votes Thank Flag Link Sun Jul 12, 2009
This home is already PENDING, which means it has a contract working on it. It appears to be a foreclosure/bank owned property and with the low price is likely a CASH SALE. Homes with prices this low are often CASH ONLY deals and sell very quickly. Also, homes priced this low are often in poor condition and require extensive work to be made livable. Consequently, these homes are usually purchased by investors.

Payments really can be varied depending on your financial circumstances and the loan program you are using. Your best bet is to contact a good lender and have them work up the numbers for you on a particular home. But since you don't get back here until September, I'd recommend that you contact a good lender NOW to find out how much you will qualify for, and then start looking at properties when you get here. Properties available now won't be available then and there will be new properties available then that don't show up now. I can put you in touch with a great lender that I work with all the time.

If you buy this year, you can take advantage of the $8000 tax credit so I would definitely recommend that you pursue your home purchase. $20K is a good down payment and Dallas area is one of the most economical places to live in the U.S. so I am confident that you will find many homes to choose from.

If I can help you with more info or a referral to my lender, please let me know!

Have a safe trip back to the U.S!
0 votes Thank Flag Link Sun Jul 12, 2009
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