Home onwers how much hidden costs you are paying ?

[Telugodura456]

Just now, Shameless said:

Conventional loan is only possible if downpayment is >20% kadha bro?  correct me if I am wrong

no you get less than 20% also i think. sometimes builder puts minimum.

[Ravi860]

Just now, Shameless said:

Conventional loan is only possible if downpayment is >20% kadha bro?  correct me if I am wrong

Nope that’s the misconception it can be as low as 5% for first time home buyers. Even 3% kuda vinna

[mamadou]

1 hour ago, FrontMan said:

Roughly 130,000$ ..no side income..savings 48,000$

with that salary.. if u take 550K house with current rates.. u will end up paying 50% net income every month for mortgage + taxes

[mamadou]

Just now, Ravi860 said:

Nope that’s the misconception it can be as low as 5% for first time home buyers. Even 3% kuda vinna

yes my friend purchased home recently in charlette with 3.5% downpayment

[Ravi860]

Just now, mamadou said:

with that salary.. if u take 550K house with current rates.. u will end up paying 50% net income every month for mortgage

Dead easy ga

[Shameless]

Just now, Telugodura456 said:

no you get less than 20% also i think. sometimes builder puts minimum.

 

Just now, Ravi860 said:

Nope that’s the misconception it can be as low as 5% for first time home buyers. Even 3% kuda vinna

usual ga first time home buyers ki FHA recommend chestharu if donwpayment less than 20%...my downpayment was 5%..

[Ravi860]

Just now, Shameless said:

 

usual ga first time home buyers ki FHA recommend chestharu if donwpayment less than 20%...my downpayment was 5%..

FHA no idea bro.. asalu manaki FHA istara ani doubt kuda undi. Now I know we can also qualify for it. FHA gives low interest rates compared to conventional ?

[Shameless]

1 minute ago, Ravi860 said:

FHA no idea bro.. asalu manaki FHA istara ani doubt kuda undi. Now I know we can also qualify for it. FHA gives low interest rates compared to conventional ?

mine is FHA bro...bought the house 4 years ago..paid 5% downpayment, 0 closing cost, refinanced once, planning to refinance again with equity amount

[FrustratedVuncle]

2 hours ago, FrontMan said:

Sorry guys..new home buyer.. I am getting mixed mortgage pre-approval..want to make sure I can afford home with current interest rate or need to wait..

If you take mortgage loan of 100k at 7% then your monthly EMI excluding property tax and home insurance is $665.30.

property tax in Texas is approx 2.5 and home insurance approx 150/mo esko.

lets say 750k home nuvvu 20% down cheste loan amount is 562500.00 and monthly EMI - $3,742.33

property tax per month = $1562.5

home insurance per month = 150

TOTAL monthly Home payment = 5454.83 which is 50% of your 130k salary before tax. 

so 750k home is risky in your case in texas.

----------------------------------------------------------------------------------------------------

If you take 500k home at 20% down your loan amount is 400k.

Monthly emi at 7% - $2661.2

Property tax per month - 1041.6

Home insurance per month - 150

Total monthly home payment = 3852.8 which is 35.5% of your monthly salary of 130k before tax

So in my opinion you can afford 500k to 550k without risk.

[mamadou]

7 minutes ago, FrustratedVuncle said:

If you take mortgage loan of 100k at 7% then your monthly EMI excluding property tax and home insurance is $665.30.

property tax in Texas is approx 2.5 and home insurance approx 150/mo esko.

lets say 750k home nuvvu 20% down cheste loan amount is 562500.00 and monthly EMI - $3,742.33

property tax per month = $1562.5

home insurance per month = 150

TOTAL monthly Home payment = 5454.83 which is 50% of your 130k salary before tax. 

so 750k home is risky in your case in texas.

TS is in massachoosets

[mamadou]

general rule of thumb 25% of net goes to home antaru is it true? mana desi vallu anthe pedatara? 

[FrustratedVuncle]

4 minutes ago, mamadou said:

TS is in massachoosets

aithe property tax texas lo half. 

[Thokkalee]

53 minutes ago, Shameless said:

I only thing I personally feel I am paying extra is mortgage insurance since my loan is FHA...rest everything is fine with me...I refinanced my home once...planning to refinance again coz planning to do some renovations to the house and want to take some equity..

Refinance chesthe current high interest rates ki loan mottam maripoddi kadaa 

[Shameless]

11 minutes ago, Thokkalee said:

Refinance chesthe current high interest rates ki loan mottam maripoddi kadaa 

True bro...but will wait until rates go down...usual ga lenders pampisthuntaru kadha offers...first alane refinance chesa..

[CuteDesiGal]

Anni details cheppalemu kani monthly mortgage + tax + insurance + utility bills + Hoa anni kalipi $3200 for 650k home and 2.9% apr