Before you Buy

Before you write an offer on a home, it's  best to know how much you can spend.  The best way to find out is to talk with a Lender to see how you qualify for each type of loan.  Some of the loan types include:

Conventional Loan - requires a minimum of 5% down payment;

FHA Loan - a government backed loan with as little as 3% down payment;

VA Loan - a government backed loan, for veterans that qualify, 0% down payment.

That said, there are other things to consider:

1) Credit Scores will have a definite impact on your interest rate.  Generally speaking, the better the score, the better the interest rate;

2) PMI or PIM, depending on what type of loan, is mortgage insurance you pay each month if you have less than 20% down payment or equity in your home.  The rate varies depending on  Loan type:  FHA, VA or Conventional;

3) Home Owners Association Dues vary from annual to monthly and depends on services provided by the association, some are quite significant;

4) Property taxes.  Usually paid each month with your mortgage payment increasing your monthly payment.

Check the Mortgage Calculator found on my Website.

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