If your FICO score is 696 what would your monthly payment be on a 331000 home in Riverside County California?

Answer 1

Your score is good so you should be able to get a reg. conventional rate. Your payment would depend on how much you put as a downpayment. A 20% downpayment will avoid PMI (private mortgage insurance that the lender requires)and if you can get a rate of 6.875%--your payment P&I only will be $2174.43. Now the higher the downpayment, the less PMI you are going to pay so---- PMI is going to be added to the your pmt if you didn't put 20% down. This could add as much as another $275.00 on to your payment. Next you have to figure what the taxes for that area run a yr. and what the homeowners insurance will run a year and divide both by 12 and add that to your payment. Next--do you need any other insurance on the house because of the area it is in?? Like flood or earthquake!!! Again, what does the policy run a year, divide that by 12 and add that amount to the payment. So--P&I $2174.43 PMI ?? Taxes ?? Insurance ____??___ Total payment Depends on the other figures but you atleast have the "Principal & interest" payment to go on. There is much more information needed to tell you this. Is it a purchase or refinance? What kind of home is it? What kind of income documentation would you be using? What is the debt ratio? Far too much is involved to be able to answer that question.