This year, use your tax return money to buy a home in New Port Richey Florida. 2012 is coming to an end and everyone knows that by April 15, 2013 you must have your Income Tax form to the government. Then every year the government mails you back a check for your deductions or any overpaid money.
My very good friends have 2 kids and rent their home. The both have jobs and ok credit. They keep saying they want to buy a home but they can't afford it. Last year they received about $8,000 in tax return money. Their rent is $750 a month for a 1,150 sq ft home with no pool. Last year they bought a new living room set, big flat screen tv, new cell phones and clothes for the kids. They had all the money spent by July and still said they couldn't afford to buy a home.
Let me just break it down for you. If you get a mortgage that is insured by the Federal Housing Authority (FHA)
you are required to put down 3.5% of the purchase price. You can buy a home in New Port Richey Florida for about $65,000 for a 2 bed 2 bath pool home of about 1,400 sqft. The down payment would be $2,275.00. An FHA Insured loan also allows you to ask the seller to pay up to 6% of your closing costs. On a $65,000 purchase that would be another $3,000+ for your closing costs.
If you are paying $750 a month rent like my friends you really need to pay attention to this. A home purchase of $65,000 with 3.5% down at 5.5% interest for 360 months (30 Years) with $1,200 a year for taxes and $1,200 a year for insurance your payment would be approximately $583.00 a month.
Calling a mortgage professional now is highly advised. Have them look into your income and FICO score. If you need to pay down debt or close an account in order to qualify for the loan it is better to know NOW. Corrections made now can increase your FICO by April or May.
Ring In the New Year in a New Home of Your Own!!
Comments(2)