The most pressing questions on every buyer's mind is:
How Much Money Do I Need To Buy A House?
The amount of money you need to buy a house is directly impacted by the Sales Price of the property.
As a buyer, there are 3 dollar amounts you should be concerned with:
1. Sales Price
2. Down Payment Amount
3. Closing Costs (between 3-6% of the sales price)
First time home buyers: You get a lucky break and can buy with only a 3.5% down payment through the government-backed FHA loan program. This means $3,500 for every $100,000 in sales price.
If you own a home already or have owned one in the last 3 years: You can buy with between 5-20% down depending on your credit score on a conventional loan program (usually fixed payments over 15, 20, or 30 years). Adjustable rate mortgages are available as well where your payments may change over time.
Special financing: Most lenders loan over a $75,000 loan amount. If you have significant amount of savings for your down payment, please contact me to get more information.
How Much Is My Monthly Mortgage Payment?
Your monthly payment is affected by your mortgage interest rate, loan amount, and the amount of property taxes and insurance that needs to be paid monthly.
Example:
$750 interest and principal on loan + $250 property taxes + $100 insurance = $1,000 mortgage payment
Please contact me for more information. I have a special network of mortgage professionals who can help you determine if you qualify to buy a home and also determine what your monthly payment will be.
Nancy Yang
Re/Max Results
612-600-5477
English, Hmong, and Spanish Spoken