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Old 02-11-2008, 05:22 PM
 
1,260 posts, read 2,149,565 times
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Hello I am looking to buying a home at price $176k. I am trying to determine what I can afford.

1. How do I determine how much my annual tax is if the tax rate is $3.29?
The mortage lender (lennar.com) states its 3.29% x 90% x 176k. Is this correct?

The house located at:
16822 Dunsford Ct
Houston, TX 77083

2. Is it true that after 1 year I qualify for homestead exemption? At what percentage will my tax drop with this tax exemption?

3. If I do not put down 20% how do I calculate PMI cost per month? Can you give ruff estimate on how much it will cost per month?

Thank you for responding in advance.
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Old 02-11-2008, 06:30 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,093,116 times
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If this is a brand new home then you should ask the builder how much it's going to be in DOLLAR figures. She works for you...she should have the decency of providing numbers to you.....
I heard that CT has high tax rates..and that maybe correct.

PMI depends on the loan to value....and credit score.
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Old 02-11-2008, 06:45 PM
 
Location: Broward County
2,518 posts, read 9,690,358 times
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The average for Harris county Texas is 3,000/year. Plan on spending 130/month for PMI.

Good luck !
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Old 02-11-2008, 07:00 PM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,096,673 times
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I searched a comparable property in the area ($174K) and that property is taxed at $1069 a year, or $89.08 a month. Without knowing your credit score, how much you put down, or if you are documenting your income or stating it, I cannot give you a 100% accurate PMI estimate. However, based on a $176K purchase price with 10% down, your loan amount would be $158,400. Assuming a 680 mid FICO and full income documentation your PMI would be $79.20 a month. Hope this helps.
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Old 02-11-2008, 07:29 PM
 
1,260 posts, read 2,149,565 times
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Thank you all for replying. My mid fico score is a 588. I am going FHA loan and I have no lates within the past 2 years.

I am better off saving for 20% down to avoid high PMI costs?
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Old 02-11-2008, 07:38 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,093,116 times
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FHA has a standard rate....

it's .50%....your loan officer should've explained this to you


about 73.33 per month.
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Old 02-11-2008, 08:16 PM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,096,673 times
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Quote:
Originally Posted by darrell2525 View Post
Thank you all for replying. My mid fico score is a 588. I am going FHA loan and I have no lates within the past 2 years.

I am better off saving for 20% down to avoid high PMI costs?
FHA has MI for 5 years regardless how much you put down. The only way to completely avoid MI on an FHA loan is to put more than 10% down on a FHA 15 year program.
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Old 02-11-2008, 08:17 PM
 
1,260 posts, read 2,149,565 times
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Quote:
Originally Posted by renriq02 View Post
FHA has a standard rate....

it's .50%....your loan officer should've explained this to you


about 73.33 per month.

Thanks for that info. Do you have a link that verifies what you wrote?
Thanks
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Old 02-11-2008, 08:20 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,093,116 times
Reputation: 1007
yes. Call HUD.

Homes and Communities - U.S. Department of Housing and Urban Development (HUD)

Quote:
Originally Posted by darrell2525 View Post
Thanks for that info. Do you have a link that verifies what you wrote?
Thanks
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Old 02-11-2008, 10:00 PM
 
Location: CNJ/NYC
1,240 posts, read 3,641,445 times
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Quote:
Originally Posted by darrell2525 View Post
Thank you all for replying. My mid fico score is a 588. I am going FHA loan and I have no lates within the past 2 years.

I am better off saving for 20% down to avoid high PMI costs?
With FHA it's 1% of the loan amount upfront at closing (Upfront Mortgage Insurance Premium, UFMIP) and then .05% split into twelve monthly payments thereafter until you reach 78% LTV.
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