If you are looking for a home in Camarillo, there are a wide range of styles and price points to choose from, along with many financing options to suit your budget.
I decided to create several different loan profiles for an existing home for sale to give you an idea of the number of different financing choices you have. I searched Trulia – here is a link to the information about this beautiful home.
The listing price is $399,900 – here are just some of the different choices you have to finance this home.
1st Time Homebuyer – down payment assistance for a 4 member household
Down Payment: $1,999.50
CHDAP 2nd Down Payment Assistance: $11,997
FHA Loan: $392,657
Monthly Payment (PITI-estimate only): $2,898.98
Please see this FHA/CHDAP Worksheet for more detailed information.
Purchase with only 5% down
Down Payment: $19,995
Conventional Loan: $379,905
Monthly Payment**: $2,600 – $2,880
**Monthly payment differs based on impact of credit score to investor fee assessments and Mortgage Insurance Rates
Please see this Purchase with 5% Down Payment Worksheet for more detailed information.
Purchase with 20% down, 15 year financing
Down Payment: $79,980
Conventional Loan: $319,920
Monthly Payment (PITI-estimate only): $2,801
Please see this Purchase with 20% Down and 15 Year Financing Worksheet for more detailed information.
One of the very significant things to notice about the 15 year loan example is that the differences in interest rates that are due to assessed risk-based investor fees for credit score and loan to value criteria are eliminated.
Purchase with 10% down, 15 year financing
Down Payment: $39,990
Conventional Loan: $359,910
Monthly Payment (PITI-estimate only): $3,162 – 3,192
Please see this Purchase with 10% Down and 15 Year Financing Worksheet for more detailed information.
These are just 4 examples of how you can structure a home loan to purchase a home…there are many other choices available depending on what your overall financial goals are.
What’s the point?
There are lots of ways to accomplish your goal of financing a home. Before you begin the process of shopping for a home, call me for help in getting your financing in place. Call me at (714) 403-2603 or send an email message to Linda@LindaOnLending.com.
Meet Linda Piper
Home Loan Consultant
CalBRE 01110003 | NMLS 424824
- I am a life long resident of Southern California and so grateful to have lived in such close proximity to gorgeous beaches, breathtaking mountains and beautiful year round weather.
My career has been spent in finance of one form or another as a Director of Finance, Accountant and Controller. With Mortgage Lending I’ve found my fit! I so enjoy helping clients maximize their financial resources to get just the home loan that is best for them. The guiding principal behind how I do business is “would I be comfortable recommending this strategy to my son?”
Planatek Financial, Inc. is licensed by Calif Bureau of Real Estate, CalBRE 01329960 | NMLS 328893. Equal Housing Lender.
**Please note that not all applicants will qualify and this is not an offer to lend or any assurance that you will qualify for any loan program.