Uncategorized January 26, 2012

Mortgage Payments are lower that Rent Payments

FHA rates this morning are back down to 3.75% with no points!!!

With a small seller credit towards non recurring closing costs and pre paid items, buyers can get into a home for basically the 3.5% down payment alone!

So for someone purchasing a $225000 home the $7875 down payment (which can be all gift from a relative) would really be all they need to move into the home!

The Principal & Interest payment a $225K purchase price would be $1015 per month!  The additional Mortgage Insurance would be approximately $200 per month,  STILL lower than a lot of people pay for montly RENT!