[quote=AN][quote=davidaaronhart]We actually have checked it out. the challenge is we need to keep the amount borrowed under $417k since once you go above it is considered a jumbo. Going over requires 10% down to avoid having to go with an FHA loan. the PMI would kill us with an FHA. we would be able to 5% for anything under $417 borrowed. basically it would put us right at the top of our price range depending on taxes and if there is an HOA for the property. I am estimating about 3k/mo. for the overall cost.[/quote]
Assuming $410k, your P+I would be ~$1800. Your PITI would be $2300/month. Most places in Mira Mesa doesn’t have HOA. Those that do are more expensive or are on the east side of MM. HOA in MM are no more than $50/month. Working in Sorrento, your gas cost would go down drastically, not to mention having an option to bike to work. There’s also a new Elementary school that’s being built in the South West part of Mira Mesa if that matters to you. I don’t know your tax bracket but before any deduction, we’re talking about at most $2400/month. That’s far from the $3k/month you’re estimating.[/quote]

For an FHA loan you have to add in the 1.25 purchase price Mortgage Insurance Premium which amounts to another $400/mo for a $410K loan. Still less than $3000/mo but awfully close.