This question is best left to your lender...
It depends on what type of loan you decide to go with. It could be anything from 0% to 30%.
My best advice to you would be contact your bank & talk about mortgage options.... more
Yes, they should, screen tenants credit, rental history and in most cases do a background check.
Lets say that you buy a property for $100000 and want to rent it for $1000 a month, would you rent it to the first person that says they can pay for it? Or will you protect your investment and avoid risks of losing money because a tenant that just moved in can't afford the rent on a monthly basis, or is always late, while you have to pay for property taxes, insurance, income taxes, etc.
Hope this helped.
Franches Schnell, REALTOR SFR
813 784-2663... more
Absolutely not! Highest offer does not mean best terms. Is the buyer pre-qualified or pre-approved, or even better is it a cash buyer who doesn't need to obtain a loan. There are many variables to consider. Not just price. Your local real estate agent should be able to guide you through the variables of an offer.... more
HOA fees are NOT included. 1.3% is calculated in the Trulia calculator for taxes and insurance.
At 4.5% interest amortized over 30 years and the current list price of $215,000 with 20% down:
$871.50/mo is the Principal & Interest
$231/mo = condo fees
$372.75/mo = taxes
$30/mo = insurance
$1,495 = Total estimated payment
(*w/o Mortgage Insurance and this is a general estimate for demonstrative purposes only which has a lot of variables such as your credit rating, income, expenses, etc. I can connect you with a mortgage specialist who can give you an actual quote and more accurate work up based on your specific financial situation)
I recommend playing with a mortgage calculator online such as:
Let me know if I can help. I've been specializing in downtown and it's surrounding neighborhoods for almost 20 years. I'd love to lend my local expertise!
Some "friend" you have. If they are just a friend who is visiting, that will not leave and is not a tenant, what is to stop you from changing the locks and packing their things for them? It is your home and you are living there as well?. If you are collecting rent or have a tenant agreement, then you should be careful to make sure that you go through the proper legal eviction process.
Good luck... more
Much more is in consideration that just a credit score:
Years of employment
What exactly on your credit report besides score of 615
Plus many more concerns lender will review
Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer
http://www.lynn911.com 100's of Dallas homes listed for sale or lease
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(If my answer is helpful indicate by THUMBS UP or BEST ANSWER. Thank you )... more
This is a great website so you can compare the schools. www.greatschools.org If I can help with your move just let me know.