Hello everyone.
Recently my girlfriend and I got approved for a 200k mortgage loan in the state of Florida. The loan includes downpayment assistance and allows our initial out of pocket expense to be south of 5,000.
I am writing to you all to identify anything I need to include into a budget when purchasing a house. We will be putting around 10-15% downpayment and will be looking at homes around 180k or less even though we are approved for more. We are trying to keep our monthly payments on the low side of 800-1200 per month total for stuff directly influenced by the house. (utilities, mortgage, HOA, etc.)
I'm aware of things like HOA fees and the ability for them to go up. What are some other things I should be wary about? Someone mentioned since my down payment is lower then 30% that I would need to pay for a mortgage insurance? Not quite sure if that is accurate. Thanks for the help in advance.
Submitted November 30, 2018 at 01:16PM by WG_Grumpy https://ift.tt/2rf7bs5
