Mortgage Borrowing from the bank Certificate Tax Credit System MCC
Here is how to shop for a home getting absolutely nothing money off, using CalPLUS Old-fashioned Loan, towards cuatro% Zero and you may 3% MyHome guidance apps:
Price $300,one hundred thousand in addition to Estimated Settlement costs $8,400 = Complete Expected: $308,400 CalPLUS Antique Amount borrowed (95% off purchase price): $285,100000 Zip (4% of first-mortgage amount): $eleven,400 MyHome (3% out-of purchase price): $nine,100 $285,000 + $11,eight hundred + $9,100000 = $305,eight hundred. Just $3,100000 needed to personal!
Payment (prominent, 4.5% desire, home loan insurance): $dos,050 Monthly payment doesn’t come with possessions fees, homeowner’s insurance, neither HOA charge
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