how much would i have to put down to have the mortgage be no more than $1400.00 a month

Asked by Chrissy271, Marlton, NJ Mon Sep 12, 2011

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This question is about this property: http://www.trulia.com/property/3055040163-34-Wrentham-Dr-Med…

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5
Elisa Dewees, Agent, Cherry Hill, NJ
Mon Sep 12, 2011
BEST ANSWER
Hi Chrissy,
For the home you inquired about on Wrentham:
Taxes will be $733. per month
Homeowners insurance about $100. per month
That leaves you with only $567. to keep your payments at $1400. per month. So you would need to put down at least $200,000.
With today's low rates, figure on about $520. per month for every $100,000. you borrow.
0 votes
Jody Pagliuso, Agent, Medford, NJ
Wed Sep 14, 2011
Hello,

To answer your question on this property. You would have to put down at least 35% down including taxes, insurance. That amount would be about $120,000.00 with the loan amount of $220,999. That is also with the interest rates at 4.25%.

To get a more accurate estimate, I can help you get in contact with a mortgage rep, and they will be glad to assist you.

Please feel free to contact me at 609-410-9573 or by email at jodypagliuso@comcast.net

Thank you,

Jody Pagliuso
Prudential Fox & Roach
Medford, NJ
0 votes
Ines De La C…, Agent, Marlton, NJ
Mon Sep 12, 2011
Hi Chrissy271,
Thanks for your question.
Talk to William De la Torre, loan officer with Wells Fargo Home Mortgage 856-562-2286. Interest rates are really low now and he can see if you qualify for programs where you can get funds for downpayment and/or closing costs.
He can send you a good faith estimate of closing costs so you get a full idea of your payments including all charges.
Let me know if you need anything else. Good luck in your house hunting.
Best Regards,
Ines De La Cruz, Realtor, ABR
RE/MAX Connection
inesdelacruz@remax.net
Web Reference:  http://www.inesdelacruz.com
0 votes
Cristin Holl…, Agent, Cherry Hill, NJ
Mon Sep 12, 2011
Hello Chrissy,

That would depend on the purchase price of the property. For example, if the purchase price is $200,000 and taxes are around $5,000- you would need approximately $7,000 down to meet the minimum FHA downpayment requirement- that would bring your payments to about $1402 per month including an estimate of homeowners insurance. Again, these are just estimates and a mortgage representative can better assist you in determining exactly what your costs would be.

I would be happy to speak with you more about which properties you're interested in and then give you a better idea on what to expect in terms of a downpayment/monthly payment.

Feel free to contact me any time at cholloway8@comcast.net or 609-234-6877.

Regards,
Cristin Holloway, Realtor
Prudential Fox & Roach
609-234-6877
0 votes
Gina, , Turnersville, NJ
Mon Sep 12, 2011
Hi Chrissy,

You should speak with a Mortgage rep to determine your best options.
Other items such as Real Estate Taxes, Homeowners Insurance and Associations Fees (if applicable)
all need to be determined as well.
If you would like to speak with someone, just let me know.

Take Care
Gina Fagnani/Realtor Associate
GinaFagnani@aol.com
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