After doing a very simple search for homes in Boise, I found that there are currently (as of 7/14/2009) 118 homes/condos/town homes available for $100k or less!
Sure some of them may be trashed out, but the majority are solid, quality homes. Better yet, at today’s FHA rate of somewhere at or around 5.5%, your payment is most likely lower than what you’re paying for rent.
So, what is the payment on a $100k house in Boise?
This is only one example, but if you go FHA, here is the breakdown of your payment:
- $100,000 purchase price
- 3.5% down (required)=$3500 (Cash out of your pocket)
- FHA Upfront Mortgage Insurance Premium (1.75% of Loan Amount)= $1688 (added to the loan amount)
- Loan Amount $98,188 (100k – 3500+1688)
- $98,188 at 5.5% Interest plus $45/mo Mortgage Insurance
- Total Monthly Payment Before Property Tax is a whopping:
$602.50 Per Month!
If you’ve even considered becoming a homeowner and want to stop throwing away your money on rent, now is the perfect time! In conjunction with the $8000 First Time Homebuyer Tax Credit you’re really looking at an opportunity of a lifetime!
Certainly each buyers situation is unique and personal consultation is a must, but if you’d like to just take a swing at the possibility, I’d be happy to get you connected with the right people to get you the right loan and then onto your way to home ownership!
To read this article and others from their author: 118 Homes For Sale In Boise Under $100k: Take A Look