Is it possible to find a place where are monthly payment for the morgage would be 800 or less. Like buying a bank repossed place in long beach,ca

Asked by Jon Clingan, Jurupa, CA Thu Nov 8, 2012

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Kawain Payne, Agent, Seal Beach, CA
Tue Nov 27, 2012
Hello Irish girl,

The price of the home alone does not determine what your monthly mortgage payment will be.

Your interest rate, amount of down payment, loan terms, and buying a condo vs a single family home.Try not to get too hung up a a fixed dollar amount for a possible monthly payment before you have been pre- approved and know exactly what you are looking at. To do so will cause you unneeded stress.

Get the facts, then make the home purchasing choice.

Best of success to you!!

Kawain Payne, Realtor
0 votes
Glenn Gaspar, Agent, Signal Hill, CA
Thu Nov 8, 2012
One comment here about Dana's answer: He is correct but it is very mis-leading to the average person when read. What Dana does not include within his answer are the property tax and hazard insurance one must pay for and take into consideration within their monthly budget. A new homeowner has the option to pay for these two expenses within their monthly mortgage payment or outside of the payment. Either way you must budget for these key expenses to better understand your real P.I.T.I. (principle/interest/taxes/insurance) payment on your home.

Now to give Dana credit here, if your question were to be asked if the P.I. (principle & interest) were your only concern of $800 with your property taxes and hazard insurance not being impounded...he is good to go with his answer.

Funny how a simple question can be answered in many ways which is why one needs to do their homework when ever purchasing anything.
0 votes
Glenn Gaspar, Agent, Signal Hill, CA
Thu Nov 8, 2012
Now let's answer your question here: Yes.

The break down would be as follows (this is an estimate): Sales price of $100,000; with 3.5% down your P.I. (principle & interest) payment would be $460.71; Property taxes (per month impounded) $104.17; Mortgage insurance roughly around $40 which now brings you up to a monthly payment of $604.88.

Now Long Beach can only offer you condos at this price so your target monthly HOA few needs to be at or under $195. Now here are some "FYI’s": Many condo communities are not FHA certified so this will creates a lack of inventory for you to choose from; stop listening to the media for what they are informing you about is 3 to 6 months "Old News." Speak to a well versed REALTOR who can share with you the insights of today's "REAL" market news. And two key points here…you will need to have patience in finding this type of property and this could be your very first investment property purchase if you do it right in order to create passive income in the future.

Here to help and assist! Good question to ask.
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Ron Thomas, Agent, Fresno, CA
Thu Nov 8, 2012
Working backward;
this would entail a house selling for about $150,000:
Do you think that there is a decent house in Long Beach for $150,000?
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Dana Johnson, Agent, Long Beach, CA
Thu Nov 8, 2012
Your monthly payment is determined by how much loan you can obtain. And the amount of house you can afford is determined by the combination of that loan amount plus how much you can put down as a down payment. For example, if you had a $800 a month payment at 3.5% fixed for 30 years, that would allow you to borrow $178,156. If you had $20,000 to put towards a house, then that would mean you could afford to purchase something in the $200,000 range or lower. Are there homes you can purchase for this price? Yes, but it depends on what location you are talking about. Some of these homes may require some repairs, so you would have to budget for that as well.

I work for an REO brokerage, so we deal with homes that have been foreclosed on. You can sometimes find deals there, although the market has changed, and homes priced under $200,000 are in high demand. Give me a call, and I will be glad to help.

Dana Johnson
Broker Associate
Boardwalk Properties
Long Beach, CA
0 votes
Mallard Real…, Agent, Chapel Hill, NC
Thu Nov 8, 2012
There probably are, but I would check with a real estate agent in that area to double check. Call a few that are on Trulia, I'm sure they'd be happy to help!
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