Buying a McKeon condo same as renting it

I was just looking this morning at a new Countrywide REO listing in the McKeon condos with an asking price of $148k. It last sold in 2006 for $352,000. Investors are renting out these units for around $1,200+ a month, but what would the payments be for a Ventura homebuyer at today’s low prices and interest rates? Here are the numbers:

With an FHA loan and about $5,000 cash down ($145k 30 year, fixed rate mortgage at 5.25%), the numbers would look like this:

Principal & interest – $800

Mortgage insurance – $60 (0.5% on the principal each month)

Taxes – $125 (1% of purchase price)

HOA – $190 (the McKeons have always had great HOA value)

Total payment a month = under $1,200

Now you know why first time homebuyers are flooding the market!

Filed under article topic: Home buyers
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