Want to buy new home – mortgage questions?
Thanks in advance for your help! The more detailed info you can provide, the better!
My husband and I bought a home 3 years ago. The home cost $ 87,000, and we bought it with no down payment using a first-time home buyers’ loan. With the private mortgage insurance added to an interest rate of (I think) 5.8%, oour monthly payment is $ 856. We have enjoyed our home and have made all of our payments on time. We also paid off all our credit cards and one of our cars. The other car still has one year left on it, and we have paid that loan payment on time every month, too.
We want to get a larger house to suit our growing family. I was going to school these past few years, so we did not have extra money to put into savings. Thus, we only have about $ 10,000 to put down on a home. Would we qualify for a more expensive home? Is there any way to get a loan without the PMI? We can afford around $ 1,100 for monthly payments. I have a good job now. Where should we start?
The housing market where I live is about the same as it was when I bought the home. Though there are many properties on the market right now, none are as nice as ours for the same price. We made many big upgrades (stainless appliances, wood flooring, 2 remodeled baths, new carpet, etc.) so I think we can get $ 92,000 for it.