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If you click on the calculator right under the map, and change the down payment to $20K instead of the default of 20%, you will get a monthly payment of $1,380 which consists of $2,476 property tax and $76 HOA fee.
What other fees should I add to the $1,380 monthly payment? Private Mortgage Insurance, general insurance for the house? What else, and how much can I expect to pay and to be added to the $1,380?
A Mello Roos district is an area which has special taxes due in addition to the usual local property tax. Usually that additional tax is to pay for public improvements that serve the area - schools, roads, etc. (The house across from me is in a Mello Roos district so though our houses are similar and county property taxes are the same they pay $75 more a month in taxes than I do.)
HOA fees do not include your individual homeowner's insurance, just insurance on the common areas. If you are going to have a mortgage, you will have to carry homeowner's insurance; the bank will insist upon it to protect their investment.
Private Mortgage Insurance (for a conventional loan) or FHA mortgage insurance (on an FHA loan) will be part of your payment if you do less than a 20% down payment. (In some cases people can do an 80/10/10 mortgage with a 10% downpayment, 80% first mortgage and 10% second mortgage at a higher rate. You can also choose to do a one time upfront PMI payment at closing or go with a higher interest rate and have lender paid PMI.) The amount of PMI will depend on the percentage of your downpayment and your credit score.
Online calculators are useless unless you do your research and find out the tax rates and insurance rates in your area. You will also need to know your approximate credit score (even if you get a real FICO score through your credit card company or FICO.com keep in mind that the mortgage weighted score a lender pulls may be different) to get an idea of what interest rate/PMI rate you will qualify for. (Most of the interest rates you see advertised are the best rates available, i.e., you will need an excellent credit score (which is considered 760+) to qualify.
There are more costs to home ownership than your monthly payment, too. You should also consider maintenance costs when figuring out how much home you can afford.
You may want to look into books or classes for first time home buyers to help educate you on the costs and process.
Are u in California? Our property taxes come out to 1.34% of assessment. Also depending on how the hoa coverage is it's just going to be glorified renters insurance. Ours is $58 on a 550k home in a hoa.
A lot of fees to buying a home
PMI is not included in hoa
I'm gonna b very general below
To buy a home usually u need ~12% of purchase price in cash, less if FHA
2 most common types of loans r conventional and FHA, 30 yr or 15yr
Minimum 5% down payment for conventional vs 3.5 for FHA
You get both from same lender, FHA rates lower as they r insured by HUD
Right now ~ 3.75 vs 3.5 % for credit score 760+
You will pay pmi for both but more for FHA
FHA u pay .85% per year for the life of the loan and an up front pmi one time of 1.75%
Conventional u just pay monthly till your loan is 80% of your appraised price NO UFPMI
If your credit score is lower than 760 your rate will be increased
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