fenzman
Joined: 18 Oct 2009
Posts: 1
|
| Posted: Sun Oct 18, 2009 3:32 pm Post subject: What do I need for a 200k loan? (1st timer) |
|
|
I was recently pre-approved for a 100k loan, but to get a decent place where I live I would like to get in the 200k range. I was told the payment on this loan amount including principal, interest, taxes, and PMI would be around 1,050/mo. Also, closing costs were around 6k, which seemed high to me but I don't really know....
My question is what is it going to cost for me to get in that range? My credit score is 724 however I am a first time home buyer. I currently don't have any other debt. I figure the down payment will have to be 7k (3.5%) closing costs look like they are suppose to be another 2-3%. After all that was is a reasonable monthly payment to expect and what monthly income will I be expected to have to qualify.
If there is other information needed, any help would be appreciated :) |
|
EricJ
Joined: 09 Jan 2009
Posts: 321
Location: New Jersey
|
| Posted: Mon Oct 19, 2009 12:53 am Post subject: |
|
|
| The closing costs seem to be in line. Your payment (princ / taxes / insurance / PMI) should not be more than about 33% of your gross monthly income. So, if you need to figure that all out, there is a free calculator here for you to use. |
|
