Property Q&A in Oswego>Question Details

Ryan Goochey, Other/Just Looking in Oswego, IL

How much would this house actually be for each month if i chose 2 purchase it over months?

Asked by Ryan Goochey, Oswego, IL Tue Mar 3, 2009

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This is a great time to be investing in Real Estate. This is a buyer's market whether you are considering a home for you or for an investment. The foreclosure activity has impacted the prices of homes. The interest rates are at a historic low and there credits availoable for first time buyers.
When you decide to proceed, find a licensed Realtor and a reputable mortgage company.

Don McComb
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0 votes Thank Flag Link Wed Mar 4, 2009
Hi Ryan:

With a 5% down paymant of around $8,500 , your month payment including taxes& insurance would be approx. $1,222 per month. The variable of course is the down payment. It may also be possible to do an FHA loan to reduce your down payment to around $5500. If you would like to know more, please don't hesitate to contact me. I would be happy to connect you with a loan officer to be more specific. Thanks for your inquiry.
0 votes Thank Flag Link Wed Mar 4, 2009
Hi Ryan,

As info, when you click on the aforementioned property (I love that word) just to the right of the asking price is a mortgage calculator so you can play around with down payment amounts, intrest rate and so on. It is a good tool to let you know the different scenarios you will face when financing.

0 votes Thank Flag Link Tue Mar 3, 2009
Unless you are paying cash,all homes are purchased with monthly payments,normally spread out over 30 years. Unless you are a veteran,100% financing programs are pretty much nonexistent, so you would need a down payment of 3.5% of purchase price with FHA & at least 20% down with conventional financing. So that's about $5946.00 down with FHA & $33,980 with conventional. Monthly payments,including imonthly HOA fees of $132 but excluding taxes & insurance would be about $1114.80 with FHA & $946.91 with conventional 20% down.
0 votes Thank Flag Link Tue Mar 3, 2009
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