Renters: You Can BUY This Home for $3500/month!
If you live in the Denver metro area, you're probably not surprised to learn that local rentals keep going up. The average monthly rent for a 3-bedroom home in Denver hovers around $3000 /month (more or less depending on the size of home and neighborhood).
Let's take a look at my listing at 13960 Grape Street in Thornton, CO.
https://tinyurl.com/4a8a56k2
Rates for FHA & VA loans are currently around 5.5% (Conventional is around 6%).
The minimum down payment for FHA is 3.5% -- So $18,025. Down payment can be in the form of a gift from a relative.
✅ Principal & interest: $2,820.10
✅ Taxes & insurance: $460.00
✅ PMI (private mortgage insurance): $227.78 (if you have 20% down you can eliminate PMI)
✅ Total monthly payment: $3,507.88
Chances are you're paying something close to that in RENT (for a single family home in the Denver/Boulder area).
So why not BUY?!
