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Additional Details
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nick.intp | Can I afford to buy a house? This is my income. First time buyer? |
I live in Sacramento CA, and make about 34K a year before tax. I am thinking about buying a house, probably in the 120 to 170k house. In CA, it's a pretty beat up place, but it's money putting in equity instead of rent.
I never thought about buying a house before so before I start bothering or spending money in getting a real estate to talk to me, I thought that you might be able to hint me in the right way.
I am single, responsible, and have good credit. How much, in ratio, should I reserve for a mortgage payment. Tell me. How should I start in buying my very first home.?
Again, I am only making 34k BEFORE taxes. What is the max that I can afford? How should I start? |
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Vamp
 |
i dont know about CA. but here (Malaysia), 34k, you still can have below 200k house. |
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raina_vissora
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I make 32k before taxes and recently bought a house for 113,500, which was just under my 115k budget. |
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marilyn4invest
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You should start by contacting several banks that have REO's. In your area, they all do. They will take your information and give you a home price and payment to go with. They will then give you some contact names of the Realtors who handle their REO's. REO's are houses that have been repossessed by the bank and they are dying to sell them - CHEAP! You can also go with a lease option (rent to buy). |
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#1 Raider Fan
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The best way to find out if you can afford it is to find out what your mortgage taxes and insurance would cost and put that amount in the bank minus your rent that you pay now. If you can live somewhat comfortably without using that money for at least a year then you know you can afford the money it requires to buy a house. That way you're also saving up for the down payment and whatever repairs you're going to need to make. Good luck and I hope it works out for you. |
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YA! 4ever
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Well I would say in this time of the mortage crisis, alot of the first time home buyer programs are no longer because of the sub prime fiasco. Do you have money for the down payment? If your going to stay in that range as for as a house goes, you may be paying anywhere from 500-800 per month for mortgage, which is ofcourse better than paying rent. |
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NONAME
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sure you can i live in vegas and dont make much myself.all you need to do is to start a brothel int he basment.it will help pay the bills.you can get the women easy in vegas but not sure were you live!!!hope that helps!! |
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WFR
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Your first step is to read this. http://gregoriodenny.com/Home_Loans_101.htm
Ignore the thumbs down I will get for having the audacity to post a link here, it's a link well worth your time. Read it and save a copy, it's required reading for all First Time Home Buyers. |
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Fey
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The fact that you're single right now and you only make around 34 grand a year makes me doubtful you can afford a house, especially with all the added morgage, insurance, water/electricty bills (some apartment complexes give free water and sometimes even free electricity).
If you were with someone who also made 30k a year, I would say go for it. But you're not.
I would save for a while longer in while living in an apartment complex. 120 grand is a lot for a beat up place too, and in my opinion it simply isn't worth the debt. |
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Steve R
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Rule of thumb is 3 times your yearly salary is the most house you can afford. |
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T M
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obviously you should do more research than simply asking for opinions on yahoo answers.
you can find websites that have some info about buying a house. but you might also go to bookstore or library and get a book (or several).
lenders will have various thumbrules about how much you can afford based on your income and other debts. nevertheless, you need to figure out what you can afford and what you want to be paying. this is why i refer you to books, as they should contain sections to guide you through all the things to consider in your analysis.
some people recommend for your first house a less expensive home than you might otherwise want, but pay it off in a much shorter period of time, say 5 to 10 years. hopefully it will have appreciated somewhat when you sell to give you more to buy a better house. but of course the next house could have appreciated even more such that you're losing money compared to if you would have bought it initially. but what you could do while in the first house is rent out a room to someone. that way you'll have additional income to help pay off your loan sooner. |
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Openthathouse.com
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Take your monthly revolving debt (car, credit cards, school loan) and divide that by your monthly gross income (its that high dollar amount you wish you get but dont). This will be your Top Debt to Income. Than take what you want to pay in mortgage and add that to your monthly revolving debt and divide by your monthly gross income. This will be your Backend DTI.recap:
Top = Monthly Revolving Debt / Monthly Gross Income
Bottom = Monthly Mortgage Payment + Montlhy Debt / Gross Income.
Keep Bottom down to 40DTI and you should be able to own a home.
620 and above should still get you into a decent home loan. 3% down without FHA. With FHA you can get 100%. REO or Bank Owned Properties are greatest. Over 200 properties in Sacramento Alone under 115k. If you have any other questions please contact me. HAPPY LIVING! |
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Aidan M
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if you going to rent it out then the rent money plus a bit of your income can go into paying off the house but you need to make sure you put in as much money as possible in paying it off so than it can be payed off quicker and you need to make sure you will have enough money to do it up because renovations will probably cost 34k it depends how much your doing up
but then again 34k isnt much so you should probably wait until its atleast 40 to 50 k befor you do anything because it really isnt much |
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