How much lower are home prices?

[bluegrassgirl]

Appreciate those thoughts Lexpert. Although I'm not looking to sell or buy, it's interesting knowing what's going on. As I said earlier, my neighbor has their's listed for more than I would imagine it would go for. It's in the 170,000s. There's a house down the street that's going to be auctioned. I don't know the details, but it's pretty unusual to see a house auctioned around here (in my neighborhood anyway). I would guess that house probably was on the market for 150-160,000 as it was a ranch and doesn't appear to have a lot of amenities. I'll be interested to see what it brings.

[shilo0854]

Are home loans PITI? I'm looking for $100k home do you know in Lexington how much tax and insurance would be ballpark??

[barrypii]

we have a 165k loan at 30 years fixed with 5.85 (3 years old) and my house has had essentially zero appreciaion. Our house should be worth 176, but we have it listed at 173 and have not had any hits... but we really don't care if we sell or not.

But our loan payment is 1170 with tax and insurance...

[LEXpert]

For Shilo0854: PITI has alot of variables. If you have a cedit score of over 620, you ought to be able to get a good interest rate. Taxes vary around town depending on what services the city provides. Insurance will depend on your credit score, the deductible you choose, the age of the house, and what company you use. With all this as a disclaimer, here is my math: $600 (P & I) + 90 (T) + 50 (I)=$740. Bear in mind that you will also have what is called PMI. It is an insurance that protects the lender in the event you default. Some loans have "Lender paid PMI", but have a higher interest rate.

Call Kris Vanzant. He owns Frontier Mortgage. They do alot of Kentucky Housing Corporations loans. I used his company for my own mortgage! You may qualify for special financing. Here is his e-mail: krisvanzant@frontierlending.com. Even if you don't call him, I would still contact somebody to see what is the best loan product to suit your needs and situation.

[shilo0854]

Thank you for the feedback. I have been noticing the tax varies in different parts of the Lexington. I will keep the info on Kris so before I start looking I can contact him. I will want to get pre-qualified before I come down to look at housing. Thx LEX (If you don't mind let me know your contact info and I will call you before I come down)

Barry your info is good to know also. I'm hoping this is the place to retire so I'm in the same thought pattern about selling. But as time goes by I'm sure things will improve.

[cartomanlex2]

Originally Posted by shilo0854

Thank you for the feedback. I have been noticing the tax varies in different parts of the Lexington.

In Lexington, we have partial service tax districts, anywhere from general(lowest) in the rural area to full(highest) in the older built-up parts of town. You pay for the services that you receive.

[LEXpert]

Here I am trying to do a link again! I kind of like this stuff! Below is the info on the different tax rates. Street cleaning, street lights, and garbage collection are the main differences.

Fayette County

[shilo0854]

Love these kind of links. So it's only $180 difference from the lowest to highest tax rate.
Now all I need is a loan rate to calc my payments. thx

[LEXpert]

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Here are today's rates from Frontier Mortgage. I get these sheets from a couple of mortgage companies everytime there is a rate change.



Kris Vanzant April 2, 2008
Mortgage Loan Consultant
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Daily Rates

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Conventional 30-Year Fixed……*6.125%
Conventional 15-Year Fixed……*5.625%
Conventional 20-Year Fixed……*5.875%

Conventional 40-Year Fixed……*6.500%

Conventional 30-Year Jumbo…..*7.375%

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*All conforming fixed rates are based on a 30-day lock with zero points/zero origination
a loan amount of $125,000 or greater

[/SIZE][SIZE=4]Conventional 3-Year ARM…….call
Conventional 5-Year ARM…….call
Conventional 7-Year ARM…….call
*** Interest Only ARM…… [/SIZE][SIZE=3]available upon request***[/SIZE]
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*All conforming ARM/Interest Only rates are based on a 30-day lock with zero points/zero origination
a loan amount of $125,000 or greater

[/SIZE]
[SIZE=5]

Kentucky Housing Corporation

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FHA,VA.............6.250% (Zero Point Program)
5.875% (Regular Rate Program
RHS, …..............6.375% (Zero Point Program)
6.000% (Regular Rate Program)
Conv 97%...........6.875% (Zero Point Program)
6.500% (Regular Rate Program)



[/SIZE]

[LEXpert]

Ooooooops! Must have done something wrong when I cut and pasted. Hope everyone can still figure out what today's rates are.