Think you can't afford to buy a home in 2025? Think again! Let's take a look at some numbers.
At $500K, the minimum down payment for FHA is 3.5% -- So $17,500. (Down payment can be in the form of a gift from a relative.)
- Principal & interest: $2,771.54
- Taxes & insurance: $442
- PMI (private mortgage insurance): $221.15 (if you have 20% down you can eliminate PMI)
Total monthly payment: $3,440.69*
Chances are you're paying something close to that in RENT or MORE (for a single family home in the Denver/Boulder area).
So why not BUY?!
Check out these FIVE homes all priced at $500K:
10476 Sunburst Ave Firestone
2108 Tulip St Longmont
8720 W 89th Dr Broomfield
8839 Winona Ct Westminster
266 King St Denver
* The numbers above are based on a credit score of 740 or above and interest rate of 5.625%. Rates can change on a daily basis. Taxes and insurance are estimated. Total payment includes principal, interest, taxes, insurance and private mortgage insurance (PMI). Closing costs not included.
If you're ready to take the plunge into home ownership, contact my preferred mortgage broker, Kimberlee Clancy-Mortgage Broker/Owner and get pre-approved today!
And once you’re pre-approved to buy, let’s go house hunting!
Don’t Be Spooked: Buying a Home Isn’t as Scary as You Think!