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k me and my dh are thinking of buying a house. we have been looking around and have a couple of choices we like. we plan to buy in jacksonville,nc. now the thing is we dont wnat our mortgage including the taxes in insurance to be above $1,000. we plan to request a va loan. i know taxes are based on the property but i have no clue how insurance is determined? do we pick that? also i have no idea how much the loan should be. am going to be using the home owners tax credit as a down payment and i wnat theloan to be for the closing ocst and the house of course. am a liittle confused on how things work. i havent picked a relator yet. we still live in sc and we plan to go to nc in late march to go see houses. tahnks for any help

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piwife

Asked by piwife at 12:55 PM on Feb. 3, 2010 in Home & Garden

Level 16 (2,685 Credits)
Answers (7)
  • look at houses in the area you are planning to move, get an average of how much property taxes are, to use as a base. figure in about $500 a year for insurance. there are mortgage calculators online that you can type in the info that you have to get a general idea of monthly payments.
    xtwilightx

    Answer by xtwilightx at 1:05 PM on Feb. 3, 2010

  • Hi,

    I'm also buying a house in NC. Unfortunately in NC, you can't use the tax credit as a down payment. Based on income, you may qualify for a FHA (3.5% down) or a USDA (0 down, 100% loan). When you talk to a loan person, you can request that the seller or the bank cover all or partial closing costs, so with the USDA loan, you pay very little out of pocket. You will need 2 mos. worth of payments in your account though.

    As for insurance, call various insurance agents to get the best quote. They configure it based on location, cost, building materials, etc. It takes less than 5 min.

    To give you a rough idea, a 125,000 loan figured at 5% interest rate w/ 3.5% down, insurance, taxes, etc will run about $850/mos.

    Good luck in your house hunting!
    kitkabob

    Answer by kitkabob at 2:07 PM on Feb. 3, 2010

  • I also meant to add that you can usually find out taxes on the county's government website under Tax administration. Most will allow you to search by address. Some sites also provide platt maps and house configurations/building materials, additions, etc.
    kitkabob

    Answer by kitkabob at 2:24 PM on Feb. 3, 2010

  • we are trying to buy the house with a va loan. so exactly what can i used to tax credit for?
    piwife

    Answer by piwife at 3:48 PM on Feb. 3, 2010

  • "we are trying to buy the house with a va loan. so exactly what can i used to tax credit for? "

    Once you sign the contract, you can file Form 5045 on your taxes (or fill out an amended tax return and include this form). You can do what you want with the money when you receive it - apply it to your mortgage, save it, buy furniture, etc. You just can't use the tax credit upfront to buy the house.

    But talk to someone who specializes in VA loans. Since it's for veterans, they might have different stipulations. But for fha, usda, and conventional loans in NC you can't use the tax credit upfront.
    kitkabob

    Answer by kitkabob at 4:06 PM on Feb. 3, 2010

  • I am as lost as you. We are lookin at buyin a house in the jacksonville area.
    nicolaesmom

    Answer by nicolaesmom at 8:19 PM on Feb. 3, 2010

  • I am as lost as you. We are lookin at buyin a house in the jacksonville area

    gald am not alone. when does your dh have to report. mine is going to be in 2/10 reprting day is may 31st. am so glad am getting out of beaufort!!
    piwife

    Answer by piwife at 8:38 PM on Feb. 3, 2010

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