yfalade's Discussions

I advise you check several of the myriad of calculator tools that tell whether it is cheaper to buy or rent. Then check the several forecast sin your area of interest when the real estate market will bottom out, and at what percent price it will do so compared to the present price. If you must, then buy at that percent price.

Let's do this simplification of the solution.1. Take the 6% seller concession off the selling price of $200,000.00, that is $12,000.00 from $200k or $188k.2. Subtract from $188k your downpayment of $7k, that leaves $181K. To this you add your closing cost if you are not paying it cash,3. Let's say closing cost is $14k making a total of $195k. This will be your total loan amount and should be less than or equal to the FHA LTV  or 96.5% of the appraised or sales value whichever is the lesser.4. So your sales price or appraised value should be at least $195/0.965 or $202,073.00Ola Adesina, CBR Certified Buyer Rep. Cell (347) 869-6833 for Sales, Rentals In the 5 Boros & Long Island Charles Rutenberg Realty, Inc