2006-07-30 11:21:58 · 9 answers · asked by angie_marie26104 1 in Business & Finance ➔ Personal Finance
Ha ha. With current interest rates you will not find a conventional loan for 130,000 with a 600 a month payment. The payment will be more like $758.00 plus taxes and insurance.
Better think about a loan in the neighborhood of $100,000.
Interest rates are still unreasonably low right now, so you had better lock it in while you can.
2006-07-30 14:42:48 · answer #1 · answered by Anonymous · 0⤊ 0⤋
For a $130,000 home, if you have 20% down payment, and also pay all the closing costs up front rather than financing any of them, loan would be $104,000. On that size loan, you'd have to find a lender willing to finance it for 40 years at less than 6.5% interest to keep your payment under $600 a month - not at all likely. And this payment would only be for principal and interest - taxes and insurance would probably add a good $300 to that, probably more depending on where the house is, maybe considerably more. To keep your TOTAL payment under $600, including the taxes and insurance, and borrow the same $104,000, you'd need about a 1% loan for 40 years - sorry, not going to happen even if you have perfect credit!
If you have a lot saved up for a down payment, like half the value of the house, you might be able to swing it - but if your credit is bad, that's probably not the case.
2006-07-30 11:52:26 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Not sure if this is a home loan or not. And you didn't go into detail about the credit issues but yes you can get a loan. Go to lending tree.com or badcreditlender.com. However, a very good mortgage broker in your area is perhaps the best resouces. You may be able to get the seller to buy down the interest rate to hit your target $600.00 a month.
Good Luck and don't stop till you achieve your objective.
2006-07-30 11:25:37 · answer #3 · answered by teenriodoll 3 · 0⤊ 0⤋
that is easy as i do these loans all day long for people . First off they nedeed 40 % minimum down . If they don't have they are gone . If they do have it I will lend them the money at a very high rate cause they have lousy credit and the chances are the bank will take it back . there is your answer - bad credit = terribly high interest rates . We really do not even want that kind of business as the default rate is so high . last week we turned down a loan for 950,000.00 and he had the 40% down but we felt it was bad paper and not worth the aggrevation and then ironically the same loan came across my desk with $170,000.00 down and the people were customers of the bank and had a high credit rating and we gave thenm the loan fixed rate for 30 years at 5.14 APR . Your credit rating is everything in life these days and with computers we can check anyone out within seconds .
2006-07-31 08:39:08 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It would depend on what you mean by "bad credit." If you have had a recent bankruptcy, you will probably not get a loan from anyone. The bigger problem is finding a mortgage payment for less than $600 a month. Unless you have a very large down payment you can't do this.
2006-07-30 11:28:13 · answer #5 · answered by Don H 3 · 0⤊ 0⤋
Depends on what you have to put down. Try Quicken Loans online. I doubt you'll be under 600 no matter what you do for a 130000 loan though.
2006-07-30 11:25:32 · answer #6 · answered by svetlana 3 · 0⤊ 0⤋
Can anyone tell me what is the right answer for this question?
2016-08-23 03:11:52 · answer #7 · answered by Anonymous · 0⤊ 0⤋
uh, when you figure that one out, could you let the rest of us know??
2006-07-30 11:26:07 · answer #8 · answered by perplexed 4 · 0⤊ 0⤋
Wake up! you are dreaming.
2006-07-30 11:25:07 · answer #9 · answered by Anonymous · 0⤊ 0⤋
have about 50K down
2006-07-30 11:25:10 · answer #10 · answered by ML 5 · 0⤊ 0⤋