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looking at a home for 40000.with 20% down what should I expect the payments to be with good credit

  • May 11 2013 - Jackson
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Answers (2)

Assuming an interest rate of 4% for 30 years, with a downpayment of 20%.

You will be mortgaging $32,000.  Your principle and interest payment will be $152.77.  To that, you will have to add 1/12 of your taxes and property insurance. 

I hope that helps.  Good luck!

  • May 13 2013
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There are certain lenders that do the rehab loan. Not all of them offer it. Ask to see if your lender carries the 203K loan product.
When you are inquiring about a loan, make sure to ask that question. If it is a Fannie Mae foreclosure, you may be able to get the HomePath renovation mortgage with approval from FannieMae. As far as your payments. that will depend on how much renovation cost will be added on to the sales price. That total will be your mortgage costs.
  • May 13 2013
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