I am looking at getting my first home loan. This will be a FHA home loan so I only have to put the 3.5% down. I am looking at getting a 75K loan for 30 years. The average tax would be 1000 a year. How much should I expect to pay a month: Include all the fees, taxes, insurance, etc...
2006-09-20 05:27:16 · 5 answers · asked by sooners83 4 in Business & Finance ➔ Renting & Real Estate
Ok lets say I get it at today's interest rate. The insurance I want would be average, about what most new buyers get, fire flood etc.
2006-09-20 05:57:30 · update #1
75,000 @ 7 rate = P/I is 498.99
75,000 @ 6.75 = P/I is 486.46
Tax 1000.00 yr - HO insurance 600 yr = 1600.00 yr divided by 12 = 133.34 added into your payment = 632.33 high / 619.80 low
Add the percentage quoted to you by the person who has qualified you for the MI percentage. (MI is mortgage insurance in case you default on the loan, it is a way for lenders to have added insurance. It is not the same as Home Owners insurance, ok) VA loans do not have MI insurance. Mi will drop off at 79 percent. It is for any amount borrowed over 80 percent (with FHA/Conforming) You will need to contact your lender when your principal gets down, so they can adjust your payment. Most do not do it automatically.
Did you get your Good Faith Estimate yet, that sould tell you what your payment will be.
Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.
Try to find someone (broker) that will pull your credit one time, and submit your loan application to company's that will go off his credit report. By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). The GFE will tell you the up-front closing cost associated with your loan. The TIL will tell you the terms, rate associated with your loan. This is a estimate only - not the final - but it does help you figure things out.
http://www.fanniemaefoundation.org/...
http://www.fha-home-loans.com/
http://www.freddiemac.com/
2006-09-20 19:46:27 · answer #1 · answered by W. E 5 · 1⤊ 0⤋
this all depends on the rate of interest you are charged! You will have MIP on the loan for the life of the loan. It will also depend on the cost of your homeowners insurance policy as well. You have not given enough information to properly answer your question.
I am a mortgage professional.
2006-09-20 05:33:59 · answer #2 · answered by golferwhoworks 7 · 0⤊ 0⤋
Including fee, taxes and insurance around $550 per month
2006-09-20 05:33:43 · answer #3 · answered by Monty L 5 · 0⤊ 0⤋
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2006-09-20 11:38:28 · answer #4 · answered by business creature 2 · 0⤊ 0⤋
on line there are calculators that lay it all out for you
2006-09-20 05:28:29 · answer #5 · answered by Anonymous · 0⤊ 1⤋