Asked by Vince, Mesquite, TX • Wed Nov 18, 2009
The property *seems* to be well kept and I'm looking for something that's move-in ready. Based on a $5000 down payment, a fixed 5% rate and a credit score above 700, several calculators (here and at closing.com) have determined that monthly payments (including estimations for taxes and PMI/homeowner's insurance) could be anywhere between $480-580. Does this sound accurate?
The yearly property tax should amount to around $600 based on the asking price according to: http://www.ci.garland.tx.us/Home/Departments/City Administration/Financial Services/Tax/T06 Tax Rate Information_Tax landing.htm
Closing costs (according to closing.com) are calculated to be on what seems to be the high side (over $12,000, including a home inspection). From what I understand, one can borrow against the first home home buyer tax credit to help pay for said costs.
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