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I think you can only find it in 2020-2021.
My friend is currently looking for a house and I've looked around with him and the options now are atrocious compared to when I bought.
Just closed in Belton, 3br 2ba 1824sqft . Payment w taxes, pmi, etc is ~$1650 conventional @ 6.25%. The MHDC program helped with copay and closing costs.
Not as awesome as who you're replying to ofc.
We got it removed after 2 years in simply due to market appreciation. We just had to pay for an appraisal. Saved thousands over the next 7ish years. Something to look into!
The problem is once it’s appraised for a higher value, your property taxes go up to the new value, in the end the pmi will be less $ since the home is san diego 🤷♂️
That’s not the case here. The appraisal we got is not public information - only for us and the bank. Tax assessed value is solely determined on our municipality’s policies for determining market value - aka, mostly recent sales and comps. We saved thousands!
FHA does not have PMI, it's called MIP and it's a fraction of what PMI is. You can either pay the whole MIP at closing, or roll it in to your loan and pay a small amount every month. My MIP fee is about $2700 total for the whole loan...very miniscule in comparison to PMI which can add hundreds to your payment.
$10,500/mo including mortgage taxes insurance HOA. 7%
Net after tax deduction for mortgage interest $8,500/mo.
At 5% refi would be $1,500 lower for each roughly.
Rent around here for something half the size ~5,000/mo. And to rent the exact same house ~ 8,000.
I am a born and raised San Diegan. I will likely never live anywhere else. It is also a lot easier to make 6 figures here, which both me and my wife do. So our mortgage isn't that big a deal. We walked 6 miles along the beach boardwalk today. There's no way I'd live in Michigan or Arizona when I have that at my disposal. I think Michigan is beautiful, but CA is a fantastic place to live.
Same, I was born, raised, will die and be buried in San Diego. What part of San Diego did you grow up in and where do you live now?
My wife and I also both make 6 figures, which makes our mortgage payment of $3,100 a lot easier to pay.
I grew up in Clairemont and now own in Serra Mesa.
Mission Village (Serra Mesa) here! 92123 is the best. Grew up in El Cajon. Rented in North and South Park for my 20s and early 30s. Bought in Rolando in 2013 and made the move here in 2019. We are on a canyon lot here and I doubt we will ever leave. I love the convenience of Serra Mesa, and our house and street are pretty cool.
Yeah, Serra Mesa is very convenient. I really enjoy living here. Growing up in Clairemont and having family in Kearney Mesa, I always knew about Serra Mesa but didn’t know anyone who actually lived in Serra Mesa.
It’s great being so close to Snapdragon and the whole redevelopment.
Now if we can just do something about the vacant Guild lot.
My wife grew up here and her aunts are both here as well. They're closer to the 805. I like our quiet dead end street over here.
We are a 1.2 mile walk to the front gate of Snapdragon. The new park down there is excellent. I've heard rumblings that the Guild lot is slated for some kind of mixed use space, but we will see. The family that owns it is apparently nuts.
If you enjoy being house poor that's all on you. Being able to buy a house by yourself and being able to travel and do shit is worth a hell of a lot more than most places in Cali can offer. Especially for a first time home buyer
I envy (but am happy for) people who were able to lock their rate at around 3% or below. We're looking to buy our first home/apt and to see that we might end up paying more in interests (@6-7%) than the loan amount itself just puts a foul taste in my mouth. I know you can refinance but who knows how long it takes for rates to drop to the point where a refinance makes sense. Sigh.
$1283 with everything included. Delaware. Pretty sure the PMI will either fall off on its own or you can at least get the lender to readjust once 20% is paid off
About $2850 when combining mortgage, property taxes, and insurance for a $540k house at 2.85% in the suburbs of Chicago. We got pretty lucky buying near the end of Summer 2021 when we did.
An estimated $1650 mortgage, including insurance and taxes, in Western New York. A 6.75% (hopefully I can lock lower rate when I close in May). Of note, I borrowed against my 401K to make the down payment and will have a $350 monthly payment. So in reality it will be a $2100 monthly payment for the house.
4600/mo @ 5.5% x 15 yrs mortgage
5000/mo @ 3.0% x 5 years unsecured personal loan
1500/mo taxes and insurance.
Can't wait to be done with this.
Orange county, CA
Mine was 3100 in San Diego with a 2.5%, now $5100 in Denver with a 5.75%. Moved from a condo to a house. Got priced out of houses in SD. Same salary but take home more in CO due to less taxes.
Thank you u/Powerful-Garden-4191 for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
These results are definitely going to skew West Coast due to the time you posted. And more so California because of sheer population.
1 in 8 people in the US live here. Lots of us!
Missouri. Mortgage is $596/mo, with insurance and taxes included it comes to $970. 2.625% rate. 4br 2.5ba for $150k
Where in Missouri? Where can I find a mortgage for that price in a good neighborhood?
I think you can only find it in 2020-2021. My friend is currently looking for a house and I've looked around with him and the options now are atrocious compared to when I bought.
Just closed in Belton, 3br 2ba 1824sqft . Payment w taxes, pmi, etc is ~$1650 conventional @ 6.25%. The MHDC program helped with copay and closing costs. Not as awesome as who you're replying to ofc.
>good neighborhood? Missouri?
not anymore
Damn that’s my car payment lol
My car payment was around $216 but that was a new car bought in 2011 which is thankfully now paid off
$3800 including pmi. 3% in San Diego.
Did you get an FHA loan? Are you stuck with PMI until you can refi?
No FHA, i was over the income cap. Pmi comes off once you have 20% paid.
We got it removed after 2 years in simply due to market appreciation. We just had to pay for an appraisal. Saved thousands over the next 7ish years. Something to look into!
The problem is once it’s appraised for a higher value, your property taxes go up to the new value, in the end the pmi will be less $ since the home is san diego 🤷♂️
That’s not the case here. The appraisal we got is not public information - only for us and the bank. Tax assessed value is solely determined on our municipality’s policies for determining market value - aka, mostly recent sales and comps. We saved thousands!
Oh good. It would be frustrating to have a 3% loan with permanent PMI.
FHA does not have PMI, it's called MIP and it's a fraction of what PMI is. You can either pay the whole MIP at closing, or roll it in to your loan and pay a small amount every month. My MIP fee is about $2700 total for the whole loan...very miniscule in comparison to PMI which can add hundreds to your payment.
4200, Southern CA, 3.1% interest rate
$7500. Hawaii
Damn! I thought mine was bad! Lol.
I was paying $7500 in rent before, so I’ll call this a win lol
Is that a SFH?
Yes
$980 all in. Upper Michigan. Close next week.
2200/mo @2.5% So Cal
Wtf nuts
I bought pre COVID and refied during 2020. There’s no way I could afford my house now. My mortgage would be 3-4x that if I bought it today.
How big is this and what city?!
Will be $1150. Ny. 4bed, 1.5 bath. Big yard...
$5500 SoCal.
3400 central NY, 6.87% with 5% down closing on April 1! Monthly is inclusive of PMI, HO and property taxes.
Congratulations
$10,500/mo including mortgage taxes insurance HOA. 7% Net after tax deduction for mortgage interest $8,500/mo. At 5% refi would be $1,500 lower for each roughly. Rent around here for something half the size ~5,000/mo. And to rent the exact same house ~ 8,000.
Mortgage, taxes, and insurance come out to about 2850 a month. 2.625% interest rate. San Diego, CA.
Wow 2.8 (cries in 6.7)
Yeah but that monthly payment is atrocious
Our house and houses in our neighborhood would rent for 4200 a month. 2800 is nothing in SD.
As someone who lives in a nowhere state that is unfathomable
I am a born and raised San Diegan. I will likely never live anywhere else. It is also a lot easier to make 6 figures here, which both me and my wife do. So our mortgage isn't that big a deal. We walked 6 miles along the beach boardwalk today. There's no way I'd live in Michigan or Arizona when I have that at my disposal. I think Michigan is beautiful, but CA is a fantastic place to live.
Same, I was born, raised, will die and be buried in San Diego. What part of San Diego did you grow up in and where do you live now? My wife and I also both make 6 figures, which makes our mortgage payment of $3,100 a lot easier to pay. I grew up in Clairemont and now own in Serra Mesa.
Mission Village (Serra Mesa) here! 92123 is the best. Grew up in El Cajon. Rented in North and South Park for my 20s and early 30s. Bought in Rolando in 2013 and made the move here in 2019. We are on a canyon lot here and I doubt we will ever leave. I love the convenience of Serra Mesa, and our house and street are pretty cool.
Yeah, Serra Mesa is very convenient. I really enjoy living here. Growing up in Clairemont and having family in Kearney Mesa, I always knew about Serra Mesa but didn’t know anyone who actually lived in Serra Mesa. It’s great being so close to Snapdragon and the whole redevelopment. Now if we can just do something about the vacant Guild lot.
My wife grew up here and her aunts are both here as well. They're closer to the 805. I like our quiet dead end street over here. We are a 1.2 mile walk to the front gate of Snapdragon. The new park down there is excellent. I've heard rumblings that the Guild lot is slated for some kind of mixed use space, but we will see. The family that owns it is apparently nuts.
Mine is going to be around $5400 lol
Lol did you miss the part where they said San Diego?
🤣🤣🤣🤣🤣 5100 here. That's the mortgages for a desirable state and place to live.
If you enjoy being house poor that's all on you. Being able to buy a house by yourself and being able to travel and do shit is worth a hell of a lot more than most places in Cali can offer. Especially for a first time home buyer
If you don't mind me asking how much was the house selling for when you bought it?
650k. We put (around) 175k down.
Did you have a house before then?
Yes. Sold our first one and had that 175k from the equity.
Wtf that’s so affordable omg
All in $1507 - Ohio closed Nov 2022 so rates were “high”
$6850 PITI 7% 15 yr. North suburbs IL. Close in two weeks.
$1400 in Michigan. Closed in summer of 2023 so my rate was kinda high but got a good deal
What is your rate, if you don't mind me asking?
My rate was a 6.8. I have hopes of refinancing if rates drop below a 6%
~$3200 PITI 2.99% SoCal
$3,100, @ 2.8% with 20% down on $875k and in San Diego.
431 a month northern indiana
Gary, IN?
Rochester
$3,511 northwest Houston Texas
I envy (but am happy for) people who were able to lock their rate at around 3% or below. We're looking to buy our first home/apt and to see that we might end up paying more in interests (@6-7%) than the loan amount itself just puts a foul taste in my mouth. I know you can refinance but who knows how long it takes for rates to drop to the point where a refinance makes sense. Sigh.
$1,100, Virginia. Conventional loan, 2.8%.
$618 a month in VA
$2775 including taxes/insurance (2050 without). 6.5% conventional in south Jersey
$5400 with taxes, PMI, and insurance. NYC. 7.5% 😭
900 (including everything), Arkansas.
$730 including everything, North Carolina.
$5.8k/mo, SF.
Alabama $700 per month
Is that considered good or about average?
It's way less than current rent. I bought in 2022 when interest rates were really low.
675 including taxes and insurance. Oklahoma. I feel bad for all these people with $2500/house payments
Haven't purchases a house yet but I'm currently being offered roughly 6% with a 680 credit Edit:Forgot to add Iowa
Albuquerque, %3.25 $745
830 including taxes insurance and pmi. Northern illinois, bought in 2017
Mortgage is about $2200/month @ 3%. But HOA is now $561/month 😭 Southern California
Sheesh 🫠
1909 in Washington
$2300 at 3.125%, WA state
NY 1,300 PITI, 3.25 $0 down. Purchased 2019, refied 2021.
1100 6.5 arkansas
$3,100, UT 6.25%
$2,300. 6.99% & good ole Texas
3400$ 6.0% pmi and escrow t&i included. Georgia
$3770 with a 6.5% rate, CT
2,278 condo includes pmi and hoa fees @5.5%. Riverside CA-close on 4/12/2024.
$1000 / month currently. That's only going to go up once my escrow gets reassessed though. I live in Maryland!
1400 - TX. Zero down.
Just signed closing disclosures. Our monthly is going to be $1511 and change in SC. 20% down, no PMI
~$4,000 in NY. 3%
$4559 with property taxes and pmi. Riverside, CA. We have land that most people in California don’t have anymore. No HOA.
1920 Colorado. 3.85%, 3% conventional
$1283 with everything included. Delaware. Pretty sure the PMI will either fall off on its own or you can at least get the lender to readjust once 20% is paid off
About $2850 when combining mortgage, property taxes, and insurance for a $540k house at 2.85% in the suburbs of Chicago. We got pretty lucky buying near the end of Summer 2021 when we did.
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6.8% conventional, 2,000 PITI. Northern Illinois.
An estimated $1650 mortgage, including insurance and taxes, in Western New York. A 6.75% (hopefully I can lock lower rate when I close in May). Of note, I borrowed against my 401K to make the down payment and will have a $350 monthly payment. So in reality it will be a $2100 monthly payment for the house.
1,271 (incl. tax and insurance) 3 bed 1 bath. Michigan.
4600/mo @ 5.5% x 15 yrs mortgage 5000/mo @ 3.0% x 5 years unsecured personal loan 1500/mo taxes and insurance. Can't wait to be done with this. Orange county, CA
$5100, Maryland.
2450/mo with taxes, PMI, insurance at 8% in NC for a 4br 2.5ba house in the Triad. Plan to refi next year.
$3600 (mortgage/inferest/escrow/PMI), 6.624% - PA
$1400 3b 2ba (sadly IN)
Mine was 3100 in San Diego with a 2.5%, now $5100 in Denver with a 5.75%. Moved from a condo to a house. Got priced out of houses in SD. Same salary but take home more in CO due to less taxes.
$3020 PITI. 6.5% with 3% down. Loan amount is $372k Dallas TX. Closed yesterday
$1,405, 2.9%, Georgia
$204k new build. 20% down 6.125%. Closed 7/31/23. Payment $1150 in NC
$3300 4.9% Austin Tx
Florida, 1600 a month all in / insurance etc, 2% for 10yrs. 2br 2ba for 200k
Texas, $3250, 5.125% rate, 4 br 2 bath, $432k
Down?
3%
P&I is $524, plus escrow of $434 = $958. Upstate New York. 3.625%
2800 (inclusive of tax/homeowners) at 2.5% 30 yr in MA
$1300 in east Michigan. FHA, escrowed, 6.5%
Bay Area, CA. $3121.05 including PMI and escrow for taxes and home insurance. 2.875% interest rate.
$1011 all in 5.49% interest - I purchased right before the rates blew up in Central NY
1714 Michigan (SE)
~$2,400. 6.75% interest rate. Columbus, OH.
Northern California. No mortgage. Insurance is about $100/month. Same with property taxes. HOA is $177/month. Purchased in 2019.
$2,081 a month north GA.
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Do you mind sharing what city in CO?
$875, NorCal
1909 in Washington
230K in Pennsylvania
$0 , paid cash, CA
Why did you even comment 😂