Would $100,000 be enough for a down payment on a 3 bedroom house in Los Angeles? And if it is, how much would or could our monthly payments be?
2007-06-19 14:51:04 · 5 answers · asked by NT 2 in Business & Finance ➔ Renting & Real Estate
I'm looking to buy a 500K house.
2007-06-19 14:55:18 · update #1
We want payments around $2000-2300 per month. Is that possible?
We both have excellent credit scores.
2007-06-19 14:57:33 · update #2
yes you can depending on how much the house is that u want ....and if your credit is good i can get you a loan with no down ...im a loan agent ...let me know if u need help ..
2007-06-19 14:54:40 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Any amount of money is enough for a down payment. Depending on your credit a 0% down might be enough. I can't tell you about the monthly payment though. That is made up of Principle, interest, taxes and insurance. Without you providing more information I can't give you an answer to your second part.pp
2007-06-19 14:58:03 · answer #2 · answered by ttpawpaw 7 · 0⤊ 0⤋
100,000 would be ideal to the lender because they prefer to lend money at 80% loan to value and less, if you go over 80% financed compared to the value then you may need to take an additional loan or pay mortgage insurance. I am also a loan agent in the greater Los Angeles area so I do these types of loans on a daily basis.
2007-06-19 15:31:55 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Down payments generally swing 10%. You're swinging 20%, so yeah, that'd be plenty.
My advice is to speak to a mortgage broker in your area about your financial needs, in as far as monthly payments.
2007-06-19 14:59:40 · answer #4 · answered by Mav. 3 · 0⤊ 0⤋
I am a realtor, in Illinois, but if you call any realtor in LA and asked which homes were available in the budget you have to pay monthly, they will all help you graciously!!!!
2007-06-19 14:55:57 · answer #5 · answered by angel 2 · 0⤊ 0⤋