Estimated Payment and Costs to Purchase a Home
Payments, interest rates and funds to close are for comparison purposes only. Total payment and funds to close may differ depending on local property tax rates, fire/hazard insurance premium, and the time of year and month you close escrow. These charts were created on 5/2/2011. Not sure you even want to own your own home? Read and watch this video: Benefits to Buying Your Own Home
Estimate for a $150,000 Home Purchase
Estimate for a $200,000 Home Purchase
Estimate for a $250,000 Home Purchase
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These scenarios above are just estimates. This is not an offer or commitment to lend. Rates change daily and may vary depending on borrowers credit score. Scenario rate and fees are based on having a 680 FICO credit score. Total monthly payment may change if property tax rate and/or fire insurance premium differ from assumptions of $45/month. Property tax rate estimate based on 1.5%.
PITI = Principle + Interest + Taxes + Insurance
Estimated income needed to qualify is just that……an estimate of how much income you would need to make to qualify assuming borrower has no other monthly debts.
Interest rates used to create these examples are as following: FHA= 4.875% w/ 6.47% apr. Rate on FHA with DPA are 5.0% & 6.68% apr. Rates on USDA program is 4.875% & 5.28 apr. Rates change daily. These rates do not represent what the rate and apr is today or for your scenario.
FHA loan requires 3.5% down payment and a 620 credit score. Some circumstances will allow approval down to 580 credit score but the planets need to be aligned….call for details.
FHA loan w/ DPA = FHA loan with Down Payment Assistance requires a minimum 640 credit score. Some instances may allow 620 score to qualify for similar assistance programs. Income restrictions do apply when qualifying for down payment assistance, call for details.
USDA = 100% financing Rural Development loan limited to areas of Wildomar, Menifee, Sun City, Romoland, Homeland, Quail Valley, Winchester/French Valley. Income restrictions do apply to qualify for USDA eligibility. Minimum 620 credit score required.
