The short answer is yes but you need to answer the most important question?
â€¢ Is your annual income stable and at least $60,512.00 because most lending institutionâ€™s or private home sellers will not make a loan to a person whoâ€™s income exceeds 30% of their total annual income.
$200,000 loan amount (Home purchase price)
4.00% 30 year fixed rate no points (For example only)
$954.80 Monthly principal and Interest
$125.00 Monthly mortgage insurance (This applies if less than 20% downpayment.)
$350.00 Monthly Real Estate taxes (Based on $200K home $4,200)
$83.00 Monthly homeowners insurance ($1,000 per year)
$1,512.80 Total monthly carrying costs.
$18,153.60 Annual carrying costs. (Equals 30% loan to income ratio)
$60,512.00 Annual minimum income required to support expenses.
Depending on your personal situation you may be able to receive a 100% loan from CHFA (Connecticut Housing Finance Authority)
Carolyn, I hope this helps with your decision please feel free to contact me anytime with your Real Estate questions.
Mark Gracia â€“ Realtor
William Raveis Real Estate
465 South Main Street
Cheshire, CT 06410
Please note: If you are currently represented buy another Real Estate broker this is NOT an attempt to interfere in anyway with your relationship. The above information is for example purposes only with no guarantee inferred or implied.