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.
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