$300,000 no money down house loan, how much in monthly payments.?
I am living in a house that used to belong to my grandmother until she died a few years back, now it belongs to my aunt, since she was the co-owner of the house with my grandmother. I am looking to buy the house from my aunt sometime in 2008 and will get it at a decent price. By this time, my credit will be somewhere in the mid 700s because every debt I currently have will be paid off way before then. So my question is, if I took out a $ 300,000, 30 year loan, how much will my monthly payments be. This $ 300,000 includes money to renovate the house from top to bottom. I can only afford to pay no more than $ 2000 per month in mortgage, but the less the better, of course. and I plan to put no money down. Sorry if this question is stupid but I have never bought a house before.
Realestate Barbie and JayJay, what type of interest rate could I get with a fico score in the mid 700s(which it will be by the time I decide buy), and how do I determine what the property tax and insurance will be? I am in Washington, DC.
Iceman, I have heard of PMI before, now is there a way to get around the PMI? How do other people who get mortgages with no money down get around this PMI? Thanks.
I assume when you say “fixed rate”, you mean that the rate will stay the same throughout the entire length of the mortgage? If so, is getting a fixed rate an easy thing to do?
So is PMI a good thing or a bad thing, meaning, does it add greatly to the cost of the mortgage, or would you say that the benefits of owning the home far outweighs the cost of PMI?
Thanks for the advice. Yes, I will keep “a little” debt to show that I can manage it correctly. It seems like I will have to achieve millionaire status just to get into this house with all these costs.