If you live in Storm Lake, IA and you don't own your home you probably know the kind of shortage we have in rental properties. Our office Weaver Realtors receives between 20 and 25 calls, emails and texts a day from people in need of a rental property. The demand has pushed up the price on rentals and it is very difficult ot get anything for less that $500 a month, and most are between $550 and $650.
What kind of a home could you pay if you paid $550 a month for rent? Well with interest rates below 4.5% and a 30 year fixed mortgage with good credit you could be buying and building net worth on a $75,000 mortgage, figure taxes at $100 a month ($1,200 a year), and insurance at $66.67 ($800 a year) total payment with principle, interest, taxes and insurance is an estimated $546.68 a month.
Storm Lake IA does have a number of banks with loan products for people without perfect credit, and less than 20 % down payment. There are currently 58 homes on the market that fit the above example. Want to learn more, call me Georgia Weaver 712-291-011