Housing Payment $599; Amazing but True
I had the pleasure of taking a loan application for a young woman today that will be a homeowner by the end of October with a home payment of $599. The seller is paying all closing costs. And, she'll have the upfront money she pays for an appraisal and home inspection refunded to her when she goes to closing.
The loan is the USDA 100% Guaranteed Rural Housing Home Loan. I locked her rate in today at 3.95% with the seller paying 2.5 points. Principal and interest, the new monthly MI, taxes and insurance add up to the $599 payment. This is a 30 year fixed rate.
Sales price is $98,000. She earns $425 per week and has a few small payments each month. Her credit score is near 700. She has no derogatory credit. It is so rewarding to help people get into a home with very little cost and very low payments.
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