Looking for a house in Greenville, SC, in the $75,000-$100,000.
First time buyer with good credit.
Can put a down payment of $5,000 down.
Would like payments to stay around $600/month.
Is this feasible?
2007-03-16 03:53:45 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Not familiar with the area but considering the market in general, I would think you could find a decent home, but nothing really great. Most banks like about 20% down or you may have to purchase mortgage insurance. Look around and visit many banks, mortgage companies, and even on-line companies. Banks sometimes can be the most difficult to work with, but they are coming around. If the credit is good, they will work with you. There is competition amoung mortgage providers so look. To get an idea about payments, a $100,000 note for 30 years at 6% will run around $600 a month. The most important thing is you have good credit. So let that work for you.
2007-03-16 04:07:18 · answer #1 · answered by ThePerfectStranger 6 · 1⤊ 0⤋
Ouch! I can almost buy that with cash and am still nowhere near a (20%) down payment in California!
Anyway, to expand on ThePerfectStranger's advice, total cost of housing (including insurance, taxes and utilities) should be no more than about 1/3 of your gross income.
2007-03-16 11:38:34 · answer #2 · answered by John K 4 · 0⤊ 0⤋
YES!
With a $90000 loan with TODAYS RATES for qualified buyes with good credit and a steady job you should be able to pull of 6% - 6.5% which would be a monthly payment of around $540 and then you would need to pay taxes
my advice is lock in today bc rates are low
2007-03-16 11:05:26 · answer #3 · answered by EF 2 · 0⤊ 0⤋