With your income level, excellent credit,, and no debt, as well as your savings, I'm not sure that FHA would be your best option. You might be in a better situation to go with a Conventional loan program with as little as 5% down. I'd be happy to go over different options with you and help you to weigh the pros and cons of each scenario. My office is right off the 405 in Seal Beach.
Please call or email me to discuss. I'm here to help,
(714)566-5400 / email@example.com
Keller Williams Realty
.Most answers here are very good. Any mortgage calculator on google or other sites can plug in rates. check out my website karenmohoff.com I have a mtg. calculator there.
This being said, have you considered building wealth in real estate? while most agents can find you a home in an area you like, I like to offer you the opportunity to by small units with little down payment. Your rents on the other units will help offset your mortgage. This is a great way to start a real estate portfolio and a long term holding for retirement. homeplusincome.com is a start. If handling tenants is out of the question, we can fix that too. email karenmohoff@hotmail. text or call 562-810-6824 if this is an avenue you would like to consider.
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Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist
Direct: 240-752-7549 Cell: 301-651-7822
Rate quote or live chat with me at the link below:
There are some additional variables that will influence the price range you'll want to be in -- your credit, your debt, and what monthly payment you're comfortable with.
The best thing to do is to talk to a lender who's experienced with working with first-time homebuyers so you can see exactly what your options are. Many lenders have flexibility in terms of how they structure the loan. For example, they can help cover your closing costs in exchange for you paying a slightly higher interest rate, resulting in less money out of pocket up front for you but a slightly higher payment.
If you'd like a referral to a lender who will really explain the options thoroughly, please let me know. We'd be happy to explain the home buying process as well and help you find your first home. Our team loves working with first-time buyers!
The Shannon Jones Team
Keller Williams Realty
Once you are pre-approved, I would be happy to assist you with the home search.
Nicole Fedorchek, Realtor
First step is to consult a lender or bank, if you need a referral I know some great lenders who are honest and knowledgable , when you are ready to start looking for your new home..I would be honored to help you into your next home that you will admire :). I did a quick calculation using the zillow mortgage calculator and here is what I found out for you... Feel free to contact me when you want to browse the homes that are on the market.
Sara Joy Cramer 562-308-6266
Thanks for using the affordability calculator on the Zillow iPhone app.
You can afford: $258,516
Your monthly income: $4,667
Monthly mortgage payment: $1,430
Other debts: $250
Income taxes: $1,400
Remaining balance: $1,587
Annual income: $56,000
Down payment: $34,000
Monthly debts: $250
Interest rate: 4.375%
Income taxes: 30%
Debt to income: 36%
Property taxes: 1.125%
Homeowners insurance: $67
Mortgage insurance: $0/mo
HOA dues: $0
Loan term: 30 Years
Next step: Compare mortgage rates on Zillow Mortgage Marketplace.
Download the free Zillow Mobile app!
Sara Joy Cramer
Realtor with Realty ONE Group
"Allowing Mother's Intuition to Guide YOU Home!"
DRE # 01889507