Finance Pro
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You can do anything you want! But with a 30K income I would say start small then work your way up. Trade RE for RE till you get to where you want to be. I would also recommend getting educated on RE - know when to buy and when to sell (buy in buyers market, when the market is depressed and sell in sellers market, when there are more buyers with cash to throw around than sellers with properties), loans (avoid 80/20s, interest only, 40 year or junk loans). Hope this helps and best wishes. |
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grace
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The only way you can buy a $250,000 house on a salary below $30K is if you have a huge (> $100K) downpayment OR a weasel for a mortgage broker.
Avoid any loan officer who tells you this can be done.
A loan amount of $250K would yield a monthly payment of $1,800 (assuming 6% interest rate). On top of that you have insurance and taxes, which can be sizeable.
Even if you have no other debt and live in a world where you don't have to pay insurance of taxes, the monthly housing payment alone puts you over 72% debt-to-income (1800/2500).
The only way your scenario can be done is if the loan officer commits mortgage fraud. It happens every day, but do you really want to go there? |
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Freedom
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Go to Bankrate.com and find the morgage calculator and fill in the blanks and it will tell you yes or no. |
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onlykanhai
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Hi,
That depends on where you are gonna buy the house. Please give more information so that we can think of sumthing. |
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Big Boy
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Ah that would be a "No Sir". Spend $15 bucks and read the Dave Ramsey's The Total Money Make Over. It will change your life. |
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dreamcatcher8993
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No one would approve you for that much. Possibly 70-100,000 sounds more reasonable. |
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charly
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You can, if the loan company approves you. Not adviseable tho. |
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cmrmmm2003
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You would have to find a mortage calculator and figure out what your payments would be with the amount of money you could put down etc... but I wouldn't recommend it. It's more than your means and between you mortage payments and taxes, insurance, etc... you would be in way over your head!!! Trust me I have looked into it myself and we make more than 30k a year and finacially with payments etc. we would only be able to afford something under 100k. So make sure you do all the research before you jump in. |
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shoelace
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I'd look for something cheaper, if I were you. I don't think you can afford $1500 a month, and that's an optimistic estimate. |
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Jet
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You'll never be able to qualify because you can't show any possibility that you'd be able to make that kind of payment. |
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icemanind
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It depends on other factors such as how much debt you have, your credit history and if you have any investments. |
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idontkno
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no way |
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rottentothecore
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yes you can in the usa. |
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AsianPersuasion :)
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Not unless you have a huge downpayment saved up that would lower your monthly payments to a level that you could afford. |
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mardoll10
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Better start saving your money for a big down payment. Also depends on your rate, credit history, having a co-signer, etc. |
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Shep
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Look at getting a 103% loan, you'll be able to move in with no downpayment. Your interest rate will be high but after 1 year of steady mortgage payments, you can Re-Fi and get a lower APR.
You're credit score has gotta be pretty high though, in the 720 to 760 range. |
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Rolf
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Yes,! you can ... ask for a 20 years credit, your monthly payment would be something around 1700 and they would approve it write away... |
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piedpiper1223
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Unless you can put a sizable amount of money down (over half at least, I would say) forget about it no mortgager or guarantor is going to touch you. |
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1MVP69
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as long as you can make that monthly payment each month |
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tagi_65
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You probably could, through some unscrupulous mortgage company - but you would never be able to pay that off.
Some company somewhere might love to take your down payment, and a year or so of payments, only to have you become unable to pay the rest so they can foreclose and sell it to someone else.
Don't get caught up in this whole consumer mentality - live within your means, not beyond. For your income, $250K is far too much house for you. You're asking for trouble. |
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mcfly878
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You'll always be worrying about money, and making payments. |
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susuze2000
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they usually require you to make at least three times your mortgage payment a month.... |
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jennfarmer100904
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A good rule of thumb is that you should be able to afford a house that is 2.5 times your salary (in your case..$75,000). But do a search for a mortage calculator, they usually have calculations that add up your debt and tell you how much you should be able to afford/get approved for. |
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Paul K
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NEED MORE INFO...
Down Payment?
Credit Score?
Other Obligations? |
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Wendy S
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The short answer...no.
Just as an example: I make around 50K and have a mortgage of $130K and my monthly payment is almost $800/month (of course, that includes taxes and insurance). But everyone's situation is different. The rule of thumb used to be that you could afford three times your gross salary. So, in your case, you could only afford to buy $90K worth of property. That's not a lot of buying power in today's market, especially if you live in places like CA, NY or Boston, MA. It also depends on how much you plan to put down. You don't have to put any money down, but doing so lessens the burden on the mortgage. I believe I put down $10K on mine, but then I had just sold another home so I had the money to roll into another purchase.
For first time homebuyers there are all sorts of incentives (or there used to be!) Many lenders will allow you to enter into a mortgage with no money down. It really depends on where you do your financing. I believe you can get help from Fannie Mae http://www.fanniemae.com, a gov't sponsored program. I found this link: http://loan.yahoo.com/m/tips_firstime.html to help you out. There is a link on the left side that will take you to a calculator that will help you calculate how much house you can afford. A word of warning: Be careful of lender's gimmicks. If it soulds too good to be true, it usually is. Here's a good article for that: http://ezinearticles.com/?Mortgage-Refinance---Pay-Less-Lender-Fees&id=187278
I hope this helps. |
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fadi d
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yes u will be a ble to buy a house for 250k and your payment will be around 1800 and u can go 100 financeif u ahve a credit for 580 and up if u need help im a loan officer e mail me daibs501@yahoo.com |
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