What would the mortgage payment be for the median home price in Lawrence, KS using four common loan types?

By Joel Kaczor- Owner/Broker, First Assured Mortgage

The Lawrence Board Of Realtors recently released their 2018 median home price of $204,200.  What does this mean to home buyers in this price range?  Well here are four main loan types with the monthly payments calculated.

Remember, I will do a custom closing cost and payment quote for you if you fill out either a request or an application online at www.firstassuredmortgage.com. We can get you pre approved, answer any questions you may have and even introduce you to a Realtor that we think would fit your personal needs.

$204,200 Purchase Price
30 Yr Fixed
02/01/2019

Conventional Mortgage Loan

Best for borrowers with great credit and a larger down payment.  No restrictions for income, area or occupancy.  Rates vary by occupancy.

– Down Payment 5% or $10,210
– Minimum credit score 620
– Interest Rate 4.375% APR 4.789%
– Cash To Close $15,082.39
– Loan Amount $193,990
Total Monthly Payment including Taxes, Insurance, and PMI: $1,385.90

*Assumptions: Credit 760, 30 Day Lock

 

FHA Mortgage Loan

Lower credit scores? less down payment? the FHA program has more flexible underwriting guidelines, great rates but slightly higher costs.  Owner occupied only.

– Minimum down Payment 3.5% or $7,147
– Minimum credit score 600
– Interest Rate 3.875% APR 4.928%
– Cash To Close $12,086.11
– Loan Amount includes financed up front mortgage insurance $200,501
Total monthly payment including taxes and insurance: $1,409.69

*Assumptions: Credit 680, 30 Day Lock

 

VA Mortgage Loan

No down payment required with great interest rates.  Must be a veteran!  No monthly mortgage insurance.  Upfront funding fee of 0% to 3.3%.

– Minimum down payment 0% or $0
– Minimum credit score 620
– Interest Rate 3.875% APR 4.070%
– Cash To Close $4,019.55 without seller paid closing costs
– Loan Amount $208,590
Total monthly payment including taxes, insurance: $1,309.29

*Assumptions: Credit 720, First Time Use, Active Duty, Financed Funding Fee, 30 Day Lock

 

USDA Mortgage Loan

If you are interested in a rural home, this may be the loan for you.  No down payment required, but, there are income and area restrictions.

– Minimum down payment 0% or $0
– Minimum credit score 640
– Interest Rate 4.000% APR 4.495%
– Cash To Close $4,766.21
– Loan Amount $206,262.63
Total monthly payment including taxes and insurance: $1,372.83

*Assumptions:  Credit 680, 30 day lock

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