Deaf Mortgage
New Member
- Joined
- Jun 21, 2007
- Messages
- 909
- Reaction score
- 0
Here a big directory of bank owned listing.
World's Largest Free Reo Property Directory
I cannot promise any good deals out of this.
Think about buying a foreclosure or REO properties. They are affordable if you manage to get one. There are many but not always in area you liked.
Let say we found a single family house for $30,000. Its annual property tax about $1,200, no associate fee. The house condition is in range of excellent to fair. It cannot be poor condition because it will be consider rehabilitation loan.
Please consider do a mortgage loan for 40,000 to cover closing cost and pay Real Estate Agent for helping with Purchase Agreement and pay lawyer for review the contracts.
You get a mortgage loan amount at $40,000.
Property tax at $1,200.
Home Insurance monthly at $40.
Interest rate 6% (given as Oct 2nd 2008).
Will require 5% down payment, that would be $2,000.
Your monthly payment would be - $367 monthly (escrow included).
That it... Imagine you live in suburban at monthly of $367. Very easy on your budget.
You will be responsible for utilities such as gas and electric in your budget.
World's Largest Free Reo Property Directory
I cannot promise any good deals out of this.
Think about buying a foreclosure or REO properties. They are affordable if you manage to get one. There are many but not always in area you liked.
Let say we found a single family house for $30,000. Its annual property tax about $1,200, no associate fee. The house condition is in range of excellent to fair. It cannot be poor condition because it will be consider rehabilitation loan.
Please consider do a mortgage loan for 40,000 to cover closing cost and pay Real Estate Agent for helping with Purchase Agreement and pay lawyer for review the contracts.
You get a mortgage loan amount at $40,000.
Property tax at $1,200.
Home Insurance monthly at $40.
Interest rate 6% (given as Oct 2nd 2008).
Will require 5% down payment, that would be $2,000.
Your monthly payment would be - $367 monthly (escrow included).
That it... Imagine you live in suburban at monthly of $367. Very easy on your budget.
You will be responsible for utilities such as gas and electric in your budget.