Property Q&A in Phenix City>Question Details

Lauren, Other/Just Looking in Phenix City, AL

What is the monthly payment on this house? For first time buyers..age 19

Asked by Lauren, Phenix City, AL Wed Apr 15, 2009

to how much the monthly payment is?

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In order to qualify for an FHA loan with 3.5% down (about $3,672.00)you would need a credit score of 620. Your monthly note,including taxes & insurance would be about $764.42. With a conventional lkoan you would need 20% down(about $20,980.00) and a credit score of 720. Your monthly note inclusding taxes & insurance would be about $616.78. You will need a 2 year work history & an acceptable debt to income ratio.As first time buyers you could qualify for the $8,000 tax credit after you close on the house.
0 votes Thank Flag Link Thu Apr 16, 2009
The payment depends on the interest rate you get and the terms of the loan. You need to talk to a lender directly and get a pre-approval to know what your payments would be.
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0 votes Thank Flag Link Wed Apr 15, 2009
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