If you have a job, $7,000 and good credit and are renting, pay close attention.
A typical $200,000 house will rent for something around $2,000 per month, plus or minus.
If you can buy at these low interest rates, check out these numbers.
Sales Price: $200,000, FHA financing
Down Payment: $7,000
Insurance: $72.38 per month
Real Estate Taxes: $208.33 per month
Mortgage Insurance: $184.96 per month
Principal and Interest: $902.75
Total Payment: $1,368.42
And you are renting?? These numbers are based on an interest rate of 3.75%
If your rent is $2,000 a month, you can save over $600 per month if you buy it plus deduct the interest on your taxes!
These numbers are for demonstration purposes only. These numbers are not a quote for lending purposes. See your lender for actual figures.
What this demonstrates is Uncle Sam may be your new best friend!
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Those numbers would really make me think twice about renting. Thanks for sharing.
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