This cosmetic fixer is a great deal at $173,250. It has 3 bedrooms, 1.5 bathrooms, a large 2 car garage, and a nice yard. It needs a little cosmetic help, but really, after you take out the carpet and throw some paint on the walls it’s going to look a whole lot better! The kitchen appliances are outdated, and that will probably be your largest expense, but that doesn’t even have to be done right away. Keep it the way it is until you get your first time buyer tax credit back (which was just extended today!), and deal with it down the road.
FIRST TIME BUYERS!!!
How could possibly make $1936.25 buying this house? If you get a 30 year fixed FHA loan, you only need to put 3.5% of the price as your down payment (which at $173,250 is $6063.75). The first time homebuyer credit, that was just extended through April 30th, 2010, is $8000.
$8000-$6063.75=$1936.25. (Your ‘principle only’ payment would be just under $900/month (assuming a 5% interest rate).
If you are interested in taking a look at this, or have any questions about it, contact me. You can call or text me 206-949-3048, or email me Christian@DealsInSeattle.com anytime.
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