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Originally posted by Street Philosopher
my guess is that they don't want people finding out that it snows during april/may. 😀


the ann arbor market is weird depending on which part of the city you wanna live in. condos run from $80K (in not so good parts of town or right on the ypsilanti border) to upwards of $300-400K. average is somewhere around $200K for a 2b/2ba in a decent area. the condos around the med school go for easily $200K.
downpayment and closing costs vary depending on what kind of loan you get. if you have the finances saved for a fixed APR mortgage (meaning you aren't relying on family gift for the DP) you can put as little as 3% down on some of those flex plans and pay another $500-$2K in closing costs (look up "buying points" in closing costs of a mortgage) and with interest rates now, still get a pretty decent price.
if you don't have the finances saved and/or are relying on family gift $ for the downpayment... an FHA loan is probably for you (for first-time homeowners with a decent credit history but not much in the way of a DP or not much credi history at all). if you have excellent credit history, you may qualify for some zero-down payment mortgages, but i'd be wary of those.
here is what i'm looking at in the $120-160K price range (there are some small houses and condos (2br) in decent parts of a2 for this price - they're just not right on top of the school cuz i'm coo' with the bus - but they are snatched up quickly so i've already started the search)...
1) i am going to have to go w/an FHA loan
2) i am putting about $6K down (w/a little help from the family)
3) i'm only buying about 0.75pts on the mortgage and so my closing costs are going to be in the neighborhood of $1K
4) i'm going a 30-yr FHA at 6.0% interest (FHA interest rates are a little higher than a fixed mortgage b/c they see you as a bigger "risk" for a loan)
5) i'm doing this based on my current salary, not on the fact that i'm going to med school
6) my monthly premium and insurance (P&I) payments are going to be around $800-900/mo. -- i plan on getting a roomie 😀
7) you have to include condo association fees, which can be anything from $50-200 extra a month
um. that's a lot of info. haha esp since you asked for a ballpark. sorry! mortgages 101. 😛 hope it was helpful. 🙂