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  • November 27, 2007 at 11:45 AM #103907
    mgubnyc1
    Participant

    That won’t matter, bottom line is unless you have the ability to repay you won’t get a loan.

    November 27, 2007 at 11:49 AM #104008
    markzuber
    Participant

    Property tax cost on 400K should be about 4.5K or about $367 monthly. 30 Year Fixed Mortgage on 400k should be about $2,400 monthly. So, the total house payment will be $367 + $2,400 = $2,767.

    Did I miss something here?

    November 27, 2007 at 11:49 AM #103996
    markzuber
    Participant

    Property tax cost on 400K should be about 4.5K or about $367 monthly. 30 Year Fixed Mortgage on 400k should be about $2,400 monthly. So, the total house payment will be $367 + $2,400 = $2,767.

    Did I miss something here?

    November 27, 2007 at 11:49 AM #104057
    markzuber
    Participant

    Property tax cost on 400K should be about 4.5K or about $367 monthly. 30 Year Fixed Mortgage on 400k should be about $2,400 monthly. So, the total house payment will be $367 + $2,400 = $2,767.

    Did I miss something here?

    November 27, 2007 at 11:49 AM #104035
    markzuber
    Participant

    Property tax cost on 400K should be about 4.5K or about $367 monthly. 30 Year Fixed Mortgage on 400k should be about $2,400 monthly. So, the total house payment will be $367 + $2,400 = $2,767.

    Did I miss something here?

    November 27, 2007 at 11:49 AM #103912
    markzuber
    Participant

    Property tax cost on 400K should be about 4.5K or about $367 monthly. 30 Year Fixed Mortgage on 400k should be about $2,400 monthly. So, the total house payment will be $367 + $2,400 = $2,767.

    Did I miss something here?

    November 27, 2007 at 1:24 PM #104016
    mgubnyc1
    Participant

    Yes! I’m assuming the purchase price to be somewhere around 550K to 650K with a 20% to 25% deposit!
    Who is going to give 400K mortgages on a house that is only worth 400K????

    November 27, 2007 at 1:24 PM #104028
    mgubnyc1
    Participant

    Yes! I’m assuming the purchase price to be somewhere around 550K to 650K with a 20% to 25% deposit!
    Who is going to give 400K mortgages on a house that is only worth 400K????

    November 27, 2007 at 1:24 PM #104055
    mgubnyc1
    Participant

    Yes! I’m assuming the purchase price to be somewhere around 550K to 650K with a 20% to 25% deposit!
    Who is going to give 400K mortgages on a house that is only worth 400K????

    November 27, 2007 at 1:24 PM #103930
    mgubnyc1
    Participant

    Yes! I’m assuming the purchase price to be somewhere around 550K to 650K with a 20% to 25% deposit!
    Who is going to give 400K mortgages on a house that is only worth 400K????

    November 27, 2007 at 1:24 PM #104077
    mgubnyc1
    Participant

    Yes! I’m assuming the purchase price to be somewhere around 550K to 650K with a 20% to 25% deposit!
    Who is going to give 400K mortgages on a house that is only worth 400K????

    November 27, 2007 at 1:31 PM #104060
    Raybyrnes
    Participant

    Most lenders will still provide up to 97% financing if you are going through the Federal program because of the fact that the loans are government guaranteed. There are down payment assistance programs that can cover the additional 3% so availability to money is still there. You just have to look a little bit harder for it.

    There are also state run programs. http://www.calhfa.ca.gov

    November 27, 2007 at 1:31 PM #104082
    Raybyrnes
    Participant

    Most lenders will still provide up to 97% financing if you are going through the Federal program because of the fact that the loans are government guaranteed. There are down payment assistance programs that can cover the additional 3% so availability to money is still there. You just have to look a little bit harder for it.

    There are also state run programs. http://www.calhfa.ca.gov

    November 27, 2007 at 1:31 PM #104033
    Raybyrnes
    Participant

    Most lenders will still provide up to 97% financing if you are going through the Federal program because of the fact that the loans are government guaranteed. There are down payment assistance programs that can cover the additional 3% so availability to money is still there. You just have to look a little bit harder for it.

    There are also state run programs. http://www.calhfa.ca.gov

    November 27, 2007 at 1:31 PM #103936
    Raybyrnes
    Participant

    Most lenders will still provide up to 97% financing if you are going through the Federal program because of the fact that the loans are government guaranteed. There are down payment assistance programs that can cover the additional 3% so availability to money is still there. You just have to look a little bit harder for it.

    There are also state run programs. http://www.calhfa.ca.gov

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