MortgagesUndressed

This is a young couple with a graduate degree. They have a small young family. He is in his first job, a good one. They have saved $10,000 dollars so far. They have excellent credit (above 720). They have two problems: They want to stay close to work, which is costly. They need to keep their payments down for a year or two. They either need a low rate or to settle for a starter home.

If this is or was you, how did you deal with this? If you are a professional in the business, how would you attack this problem? I have some ideas, but will wait for a bit.

Your ideas are welcome. Larry Cragun

Condominium home owners dues are a part of your mortgage payment for qualifying purposes. Even though you may be purchasing a lower price place to live, there is this added expense. Using the most recent Freddie Mac rate of 6.375% for a 30 year fixed - not having a $400 home owners dues would allow you to purchase $64,100 more home.