Looking to buy a house in Southwest Virginia? Perhaps you've been looking at homes in Christiansburg, or in Radford, and you just don't think you can afford it. I'd remind you that the opportunities are there for buyers right now for two reasons - (1) the inventory available, and (2) the rates that local lenders are willing to lend at. Let's look at the numbers ... Assuming a house is priced at $150000, and the interest rate is 5.00% (the current USDA rate), here's how your monthly payments would break down on a home in Christiansburg purchased for $150000 with NO MONEY DOWN: Principal & interest: $805.24 Prop Taxes (estimate): 114.83 PMI (None with USDA): 0 Total Payment: $920.07 Imagine - a $150000 mortgage for less than $1000 a month. And it's im...
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