How much will my house payment be if I buy a home in Downey CA?

How much will my house payment be if I buy a home priced at $300,000? I really want to buy this house but first I want to know if I'm comfortable with the house payment.  I know I'll qualify for a home loan.  My fico score is 800, have never been late on any of my payments, I have never filed for bk or had a foreclosure or repossession on my credit. I make about 120K at my job as a plumber which I’ve had for 10 years, and my company is growing as they are hiring instead of laying off.  I don’t have any outstanding credit card balances and my car will be paid off in 2 months.

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Well first let me congratulate you for being "the Perfect Buyer;" you have managed your credit well!  It’s great that you want to buy your own home instead of renting!  There's never been a better time to buy then NOW!

To answer your question: your payment is based on many factors!  The financing of a home is complicated, even more so now than ever before!  To try to explain exactly “how to finance a home” is beyond the scope of this post.   The best thing to do is to ask a local realtor® or lender but here are some basic guidelines.

Your monthly house payment will depend on:

1) The current interest rate you qualify for

2) How much down payment you give

3) What type of loan: Conventional or government: FHA, VA

4) The term of your loan: How long do you want the loan for: 15, 20, 30, 40 years.  The shorter the term the bigger payment.

5) How many Loan points you are willing pay; the less you pay the higher your rate.  You can buy down your rate by paying more points but you should really sit down with a local expect to go over this--it may not be beneficial to pay more for a lower rate.  It’s kind of complicated and beyond the scope of this post to explain it well.   

6) How much are you borrowing?  What is the total Amount financed? and

7) Will the loan amount fall into the “conforming loan limits for your area?” To find out what those loan limits are in your state and county, click here (https://entp.hud.gov/idapp/html/hicostlook.cfm)  The conforming loan limit for Los Angeles county CA click here!

The above guidelines are just for information purposes only!   If you want to know what your exact payment will be--the best way to know is to meet with a professional real estate loan consultant or Local Realtor® to get you prequalified.  Most real estate professionals will do this for you at no cost or obligation to buy. 

If you are looking for a Realtor in the Los Angeles county area, please consider me for your next home purchase or real estate investment.