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I am 21 years old and am thinking about purchasing a townhome in the next six months..a few questions regarding a mortgage. I have no credit card debt..available credit is about $18,000 on those. I have two student loans totalling about $30,000 which I am making payments on. My income is $60,000 per year. I have an auto loan for $24,000.
My credit score right now is 700 FICO. I would imagine it will hover around there by the time I am ready to apply for a mortgage (that is if you all don't talk me out of it ). I am paying $500 per month right now in rent, my roommate pays the other $500.
It just seems to make more sense to buy a home instead of going the renting route again. If I do buy, I don't plan on having any roommates, but I was anticipating paying about $1,300+ utilities anyway if I did rent again. Is this a good idea? Does anyone have any insight on what my down payment, interest rate, and/or monthly mortgage payment would be? Any help is greatly appreciated. Thank you!
Your down payment, interest rate, and monthly payments would vary depending on the type of loan you acquire, your lending bank, and how much the house is that you purchase.
Determine how much you can put towards your down payment and research what type of mortgage loan is best for you (FHA or conventional). Research homes in the area to see what are the average prices for the type of home you want and then discuss with a loan officer what types of payments to expect at that price point.
Good luck!
hi jj10939. It looks like your score is good as far as how much down if you did FHA they require 3.5 % down. Im not sure on conventional loans. There are several websites including the FHA website that offers a mortgage calculator that you can plug in your gross income and other monthly payments and it will tell you how much house you would qualify for and what the payments would be. Good luck!