I have good credit, excellent payment history and less than $15k in debt. looking to purchase outside of the city of Atlanta, within 20 miles... Newton, Dekalb, Rochdale Counties..etc. Also, how much would my annual property tax be?
2007-07-10 10:08:43 · 4 answers · asked by Damien A 1 in Business & Finance ➔ Renting & Real Estate
You traditionally needed 20% down. Now, you can get a mortgage if you have good credit for 5% down. You also can get 0% down, but the interest on the mortgage is much higher. If you have less than 20%, you need two loans. The first is for 80%, and that will be about 6% interest. You second loan for 15% willl be much higher, about 8%. The mortgage would be about $1800/month, but don't forget property taxes and insurance. If you do not own 20%, the mortgage company will roll insurance and taxes into a lump monthly payment, called escrow. Taxes and insurance could easily be an extra $500-$800 per month depending on where you live.
2007-07-10 10:35:54 · answer #1 · answered by Arthur M 4 · 0⤊ 0⤋
Buying a home for $300K 30yr mortgage at 6% is $1798.65 at 7% is $1995.91 at 8% is $2201.29 at 9% is $2413.87. With good credit there shouldnt be any money down. Your score should be at least 680 and a low debt ratio. That means if you have credit cards you should owe LESS THEN 50% of your credit limit. Also you should not have any 30, 60, or 90 day lates on your credit. You should have at least 12 months of payments on time. Some assets so they know that if you get into trouble you would have at least 3 months on deposit. (The more the better) thats called a VOD verification of deposit. be at your job for at least 2yrs (Longer the better).
Property taxes differ by county. I just did a few mortgages in snellville, conyers, and lawrenceville this and last month and property taxes averaged $2200 - $2500
2007-07-10 10:35:53 · answer #2 · answered by sircarpediem 3 · 0⤊ 0⤋
The down payment can be anything from $0.00 to whatever you can afford. Your payment will depend on the amount financed and the loan type you are looking for as well as your credit score and documentation type on the mortgage. I am licensed in Georgia and would be happy to go over some of the details of this to determine what will fit with your needs best.
2007-07-10 10:26:46 · answer #3 · answered by flamingojohn 4 · 0⤊ 0⤋
If you put down 10% or $30,000, and got a 30 year loan at 6.75%, your principal and interest payment would be around $1751. Taxes and insurance would be extra, and it's real hard to say what those would be but figure maybe another $1000 a month for those - could be higher or lower though.
2007-07-10 10:26:54 · answer #4 · answered by Judy 7 · 0⤊ 0⤋