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We are in a tight budget, so trying to maximize our buying power. What are the advantages of USDA loans? Any disadvantages?
We are looking at houses in the $225-$260k range, but would have a better shot of finding a house if we could go up to $300-$315k. Would a USDA loan allow this? We can afford $1500 a month, as that's what we currently pay.
Any thoughts?
I am really frustrated with not finding suitable houses in the low end. If we want to find better we are going to need to look at homes in the next tier.
I believe conventional is available as low as 5%. Is $1,500.00 max includes property tax and homeowner's insurance? If so, I find it hard to believe you can purchase a home of $300,000 with only a $1,500.00 that includes taxes and insurance.
Yes $1500 would need to include the full mortgage payment. Taxes will be around $3000k a year and home insurance would probably be in the $600-$800 range.
So after a $50k downpayment, how much house should we be looking at to keep around a $1500 payment?
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