When applying for a mortgage, almost all loan programs will require a minimum down payment amount in order to secure the loan. There once was a time where 100% financing was readily available but the mortgage crisis put an end to those programs. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we know that an FHA loan will require a down payment amount of at least 3.5% of the purchase price. Add that to the typical closing costs needed and you will have a pretty good idea of the cash you will need to buy a home. How much you can afford to pay on a monthly basis can be a very tricky calculation. The lending industry uses a ratio to determine how much of your monthly income should go toward your mortgage payments. This is usually around 28% to 31% of your gross monthly income. Check out below to see what sold in Jamestowne Green in November 2017:
45119 Yorkshire Drive, Novi: 3 bedrooms, 1.1 bathrooms, 1,699 sq. feet, 2 car garage, Sold Price: $270,000
Jamestowne Green Home Sold
November 2017
You can use a mortgage calculator to figure out a monthly payment amount for the amount of loan you will need to purchase a house. This will include principal and interest. You will need to know the state and local real estate taxes on the property. You will also want to factor in the homeowners insurance as well as any homeowners association due and/or condo dues. For more information on Jamestowne Green, or similar Northville or Novi neighborhoods such as Village Oaks, Whispering Meadows and Northville Estates, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.