Joshua hit the nail pretty much on the head. The answer to the question is how much can you afford....
I will go out on a limb here and say that you want a mortgage around 600-800/month. Since insurance and taxes are pretty low in upstate SC and rates are ridicuously low right now, let's use this example:
$97,650 mortgage + UMIP ($1,464.75)
$99,114.75 total mortgage @ 5.5% rate
$562.76 (principal & Intertest)
$41.30 (monthly mortgage insurance)
$100 (rough estimate for taxes and insurance)
$704.06 Total Mortgage Payment
Keep in mind that even if you feel you can afford more, most underwriters will see that you do not have much in disposable income each month so they will probably be more discerning about how much of a payment they want you to have.
If you have any questions, please give me a call. I am right across the border in Asheville, NC.
Have a great day
That's not a question WE should be answering.
You can get a mortgage, but first you must think about your budget. How much do you want to spend of your $1770 on a home?
Once you have a budget, then the next step would be to call a GOOD loan officer by referral, hopefully.
Great question. But no simple answers. Too many unknowns. Gregory has some great advise. In addition I would check with a mortgage broker or bank (in this financial climate I would suggest a bank.) Also look for seminars for Buyers being held by various Brokerages. You'll be able to get alot of your specific questions answered there. Weichert has them periodically. Check with the local Weichert affiliate office to confirm their schedule.
Good Luck !!
Marilyn Geiger, Realtor Associate
Top 5% of all Weichert Agents 2004-05, 07
ASP - Accredited Staging Professional
ABR - Accredited Buyer Representative
e-PRO - Certified Internet Professional
SRES - Senior Real Estate Specialist
Cherry Hill, NJ 08003
Cell Phone: 609-238-0465
Marilyn the Matchmaker
Connecting Sellers with Buyers