By Tammy Engel
Mortgage Advisor
Affordability snapshot
Mortgage Matters
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Time for a quick snapshot of our market’s affordability. Interest rates are still low, and homebuyers will be pleasantly surprised at how that affects a monthly house payment.
The usual disclaimers all apply: Not everyone who wants a home loan will qualify, and terms and conditions vary per program and per lender. Having said that, here is a rundown of how much home you might buy for a monthly house payment around $1500.
For those using the FHA or USDA loan programs, spending $1500 per month could mean a purchase price of up to $230,000. For those using VA loans, the price is closer to $250,000. Conventional loans with minimum down and no mortgage insurance land in between, at home prices around $240,000. Homeowners dues and any property tax supplementals are not included here, but base property taxes and insurance are.
You know you need formal advice from an experienced mortgage advisor before you contact your Realtor, because there are about a million variations on how to qualify for and structure a home loan. If you’re feeling ready to get in to the market, start your research today and welcome the holidays in your new home.
Tammy Engel is your local Mortgage Advisor and has been working for your best interest since 1990. Contact her at 661/822-7325 for pre-approval for purchase, refinance, and reverse mortgage.
