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Additional Details
Sorry, i ... |
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I await the replies in my bunker
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Landa | Can a salary of 43k afford a 200k house? |
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Jazz
 |
No! If your rent or mortgage is more than a weeks pay + 10% you can not afford it.
Example if your net pay is $600 a week then you can afford to pay up to $660 per month rent or mortgage without much difficulty. But if your net pay is $600.00 a week and your rent or mortgage is $700 chances are you'll live paycheck to paycheck without much of anything to save.
We must learn to save for a rainy day, ex loss of employment. One should be able to save at least $100 per month and invest $75 per month to a retirement fund.
A $200k home + taxes, and insurance with reasonable credit will
undoubtedly carry a mtg of at least $1200/mo
($43,000 divided by 12) x 21% - the answer = 2831
My guess is your take home pay is about $1400 bi-weekly or $700/wk, unless of curse you have more than 1 dependent.
700 x 10% +/= $770 this is what you can comfortably afford to pay in mtg. |
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radar2007
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Maybe. You would also probably need to be single, perhaps married to someone that makes about as much as you do. |
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djdraven99
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I work for one of the biggest mortgage lenders in the counrty.
I have seen people make LESS money, buy MORE expensive houses.
Granted, I am not saying you will get an incredible rate to start with, but you can always refinance a few years later to get a better rate.
whether you can put 20% in for a down payment, or get 100% financing, you CAN buy a house.
this is what a lender will look at-
1. credit score (720 or better is the best)
2. stability of employment (2 years or more in same job is perfect)
3. current debt
4. proposed monthly debt (should not exceed 50% of your income). so, if you make $3,800/month, you can afford to pay up to $1,900 a month (mortgage and current debt(s).
you CAN buy a house |
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Bilinda G
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My house $135,000. Pay $1,033 every month. This includes property taxes and house insurance. I live in a subdivision with no dues. You have to take into consideration how you would like to live. Do you want a telephone, cable/satellite. Do you want dial up or dsl or WI-Fi. You have to think about light bill, water , garbage , sewer. Are these things included in one bill or separate. Is this your 1st home. do you have money for furniture, how about upkeep for the lawn. Just some things to think about. Most of the bills I have mentioned wants a deposit before they will hook up anything. Anywhere from 100-$200. |
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njyogibear
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seems like a bit of a stretch. how much you have to put down? |
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the dream
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I know dozens of loan officers who could get this done for you with a combination of the following: decent credit score, possible down payment, small debt load , etc. |
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Luckys Charm
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If your credit score is over 620 you could get a stated income loan and not have to show proof of your income. my salary is only 32000.00 and i was financed @100% for a property costing 379000.00.
good luck |
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12hrdaze
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Sure.
Depends on your down payment, how long your mortgage term will be, and how much of that 43K you are ready to put into your house annually. |
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sf49rox
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Well, can you?
Sure, it's possible. |
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zachary b
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for the most part i would say no .it depends where you live .but not counting taxes and insurance you are looking at a $1100.00 monthly note that is about half of your monthly take home pay.remember you still have to pay for your car,utilities,food and other daily expences that add up real quick. but if you are a good stewart with your money you can work it out just make sure you dont get sick or loose your job. |
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The Scorpion
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would be very difficult. |
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Steve R
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If you have about 80K to put down, then yes. |
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singledad
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depends on the interest rate, property taxes, utilities and other expenses; you haven't provided that information so really can't give accurate answer. |
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MsNobody
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No way. Your house should not be more than four times your annual salary, which would be $172,000. And that would be stretching it a bit. |
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