1. Mortgage interest and property tax write-off
2. Loan principle pay down (ever time you make a payment a few hundred dollars goes towards paying the loan principle down)
Absolutely! There are definitely a lot of places you can get for that amount. There are a lot of things to take into consideration first, so please feel free to call me to discuss. First step would be to sit down with a loan professional and get prequalified and see what price range match your payment amount. I would love to help you out.
Consider a detached single family home with a sales price of 215,000 or less. Of course, this depends on how much you have for a down payment and closing costs, how you qualify, etc.
Using an FHA loan as an example, your total monthly payment including real estate taxes and insurance would be approximately $1,419 with a $7,525 down payment. This could drop down to $1,075 with a little known home buyers grant that does not need to be paid back. The FHA loan is a fixed rate so won't impact your fixed income as long as you are comfortable with the payment which it seems you are.
The seller can pay up to 6% of the sales price towards your closing costs and the remaining down payment can also come as a gift under this program.
You don't need to speak to a lender as this point, you need a knowledgeable agent with experience. You don't need to be sold, you need help to buy.
Take care Bill and good luck with your search for your new home!
As others have said you definitely can buy a home and have payments the same or less than your rent. The most important step is to get pre-approved by a reputable lender who offers several types of loan programs. The loan officer can determine which loan program would work best for you.
After you are pre-approved we can start looking for a home that meets your needs. We will discuss what part of San Diego you are interested in living in and then find a home that you like. I have been in the real estate business since 1977 and am a Broker who owns my own company. I pride myself on delivering personal service to my clients.
Please let me know how I may help you find a home that will make you happy and not subject to rent increases.
I am never too busy for your referrals
The San Diego Property Shop http://www.TheSanDiegoPropertyShop.com
CA DRE # 00648687
To learn about our buyers rebate program. Visit my website. http://www.socalrebaterealty.com
So-Cal Rebate Realty
C2 Financial Corp
You can definitely buy and have payments of $1415. Your first step would be to talk to a couple of lenders to see what type of loan you'd qualify for. They'll look at your work history and income, what your credit score is, and other criteria. It would also depend on where you want to buy, and what type of property you'd like to buy.
I can help get you started with some of these things, and give you a few lenders to talk to that will be up front with you. You choose whatever lender you're most comfortable with. And, once you've talked to a couple of lenders, you'll have a better idea of what's required on your part. I can help you understand the buying process by breaking it down for you.
Just so you know, you can choose whichever services you want. And, as a buyer, you may be using the seller's escrow company if the seller's a bank, and sometimes even regular sellers. A lot of times escrow has already started with paperwork. As long as you have an agent that stays on top of everything that's happening, especially your loan, you'll be OK.
Also, be sure you get an agent that understands what type of property will work with your loan. It's easy to get into escrow, but it's expensive for you, not the agent (except for wasted time). Buyers have to pay approximately $800 out-of-pocket in the first few days for an inspection and appraisal. So, it's important you know that your choice of property will work for your loan.
Don't hesitate to contact me anytime.
Prudential California Realty
Home Services Lending