Cobb County Ga. $3500 Down @$750 per month!
It almost sounds too good to be true but it is real! As a matter of fact its not just one house. At todays super low interest rates the principle and interest payment on an FHA loan of $100,000 is about $480 per month. Add in a reasonable amount for taxes and insurance and that gives you a payment range of about $650-750 per month!
In almost every case that is cheaper than rent but don't fall in to a financial trap just because of that. There are of course others costs and responsibilities that go with home ownership. Still, if you are renting and thinking of buying it is a great to to make that move.
The home needs to be in good condition and basic basic qualifications for FHA loans are a steady and verifiable income. Your total debt including the house payment can be about1/3 of your gross income. So for that $100,000 loan you need to amke about $2250 per month before taxes. Thats about $27,000 per year if you have no other debt payments. You also need to have modestly good credit with a score of 640 or better.
The required down payment for FHA is only 3.5%. On a $100,000 home that is only $3500!
Below are the current listings right here in Cobb County Ga for homes priced from $95,000 to $105,000. As you can see there are hundreds to choose from!
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