I am looking to purchase a home for under $190,000 but I am on a very fixed budget and can only afford $1,000 a month for mortgage any ideas or help?

Asked by Oliver, 87031 Tue May 6, 2014

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Genevieve Mo…, Agent, Albuquerque, NM
Fri Jun 6, 2014
Purchasing a home for under $190,000 with a mortgage payment of $1000 (+/-) is do-able! You can always affect the amount of monthly mortgage you pay by increasing your down payment. The higher the down payment, the lower the mortgage payment. Since your credit score affects your interest rate, ensure that when you apply for a loan, your credit score is as high as you can get it.
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Tracy and Te…, Agent, Albuquerque, NM
Sun May 18, 2014
Oliver - if you have not already done so check out the calculators at http://www.trulia.com/mortgage-calculators/. This will help you determine your budget and home price. Estimate about 1% of home price for property taxes and $500 to $700 a year for insurance. Figure 4% to 4.5% for interest rates interest rates (could be higher could be lower). Down payment on an FHA loan is 3.5% and their are some down payment assistance programs available depending on your situation. You can check out there programs here http://goo.gl/YbawAe. Anyway, you are looking at a home at about $160k (down of about $6000).
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