Contact a Realtor as they can provide you with the approximate monthly payment you can expect to pay for a condo in the downtown Ghent area. I specialize in townhomes and condos and the first thing I always ask is: What is your total monthly BAH and/or what is your desired monthly mortgage payment including taxes and insurance. 99.9% of my clients are first time home buyers looking to buy a condo and townhome, and this always sets the stage for where you should be looking to buy.
As other agent have mentioned, a lender cannot turn you down because of age. But if you have too much monthly debt, then thatâ€™s where most buyers run into snags. Unlike renting, a lender factors your reoccurring monthly debt against your income to obtain a debt-to-income ratio. If youâ€™ve too much monthly debt (a monthly car payment of $260 + a monthly credit card payment of $200 + student loans), that is what can lower what a lender will qualify you for.
Low scores arenâ€™t good either but if youâ€™ve low monthly debt, lenders have been assisting my clients who have scores in the low 600â€™s.
Prices in the Ghent area basically begin in the low $200â€™s for 2 bedroom units, but itâ€™s the monthly condo fee that directly affects what you might qualify for. Currently, 2 bedroom 1 bath condos in Archers Walk start from around $230,000 and with a 6% interest rate, your mortgage would be about $1,379 per month. But the monthly condo fee is about $248 and property taxes are about $175 per month, so your total monthly payment would be about $1,800 per month. If you feel comfortable with that total, then I suggest you move on to speak to a lender.
If those numbers are too high for you, then contact a Realtor to help you find a community that you feel safe living in. Iâ€™m not only a Realtor, but an Accredit Buyer Representative, and my ABR designation allows me to assist just the home buyer a lot more effectively and efficiently.
Feel free to visit my website, and click on the â€œBuyersâ€ link for additional helpful information you will find useful in helping you make this very important decision. I hope this information was helpful to you and if so, please provide a thumbs up!
Thanks, and please never hesitate to contact me if you have any other questions.
Frank Biganski, Realtor ABR