Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The monthly payment including property tax and HOA would be $970. I estimate to add $90 for PMI for a total $1060. Since there is HOA fee of $206, chances are, the required insurance by the lender is included in it, correct?
What else can I expect to add to the $1060 and how much?
So far, this $1060 amount is much less than my current rent cost and I live in a 1 bedroom apartment.
The monthly payment including property tax and HOA would be $970. I estimate to add $90 for PMI for a total $1060. Since there is HOA fee of $206, chances are, the required insurance by the lender is included in it, correct?
What else can I expect to add to the $1060 and how much?
So far, this $1060 amount is much less than my current rent cost and I live in a 1 bedroom apartment.
The property tax may increase if you are looking at last year's taxes in some cities. So I would go to the county the house is in and see if they have the millage rates or better yet, a calculator to estimate your taxes.
The insurance might cover the outside but you still need insurance to cover inside of your unit. Did you use this for your PMI? https://www.whatsmypayment.com/FHA/
The property tax may increase if you are looking at last year's taxes in some cities. So I would go to the county the house is in and see if they have the millage rates or better yet, a calculator to estimate your taxes.
The insurance might cover the outside but you still need insurance to cover inside of your unit. Did you use this for your PMI? https://www.whatsmypayment.com/FHA/
Check out the Fannie Mae backed 97% conventional loan programs. No up front pmi and pmi can be canceled unlike fha loans. All u need is 3 % down plus no need to take the first time buyer program which fha requires. Yes you will need to purchase insurance but if living in a hoa it's like renters insurance. So $50/60 dollars sounds right. If u want to do your own payment calculations. Take the loan amount say 200k × interest rate then divide that # by 360. That will give u the cost of interest per day for different interest rates.
Check out the Fannie Mae backed 97% conventional loan programs. No up front pmi and pmi can be canceled unlike fha loans. All u need is 3 % down plus no need to take the first time buyer program which fha requires. Yes you will need to purchase insurance but if living in a hoa it's like renters insurance. So $50/60 dollars sounds right. If u want to do your own payment calculations. Take the loan amount say 200k × interest rate then divide that # by 360. That will give u the cost of interest per day for different interest rates.
I have very good credit (over 800) and I think I will get the conventional loan.
I think I can get around 10% down payment.
Renter's insurance is cheap, as in about $15 per month, because I am only insuring the basic. $50 sounds like insuring more than renter's insurance.
If a fire broke out and burn the condo down, what percentage of the damage is covered by the HOA? What addition insurance do I need?
With our hoa it would build everything to the outside walls. we would have to build the rest. Just depends on hoa coverage.
What is the "rest?"
Is the rest more than everything to the outside walls?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
