 Is selling a house as a short-sale bad idea when it's already a foreclose? |
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Hi,
I am buying a house on contract from a friend....In the near future, when I have the full down payment, I will get financing through a bank.
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I own land, with a tax value of 35k. I cash purchased a single wide manufactured home, and installed a septic.
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WHY? | How much can a person making $86,000 a year afford to spend on a house? |
Granted I have VA benefit so they will go a long way. I live in the VA/DC/MD area. |
 |
 
johng
 |
If you can find a home where you can give 20 percent down you will not have to pay p.m.i. which is preventative mortgage insurance. You will have smaller house note. If you get a 15 year loan and send extra payment off every other month it will be paid off in no time. You will be able to have money left for an emergency fund and occasional repairs/house maintanence by buying the cheapest house that you can in the best neighborhood possible. Once that home is paid for you can rent it out or sell and buy a bigger better home with more money. |
|
blah
 |
well that sounds like a very nice chunk of income
but what are your monthly expenses? car payments? car insurance? health insurance? any expensive hobby lobbies? do you already have a house payment? any kids? any alimonies? any child care expenses? any family members that often need financial help from you? etc.....
i am very conservative on my spending...i would say dont spend more than 1/4 of your monthly on any house/rental payment... that way you can still have a life and dont become a house slave... |
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RetiredDebtFree
 |
Others will tell you more, but as you know people all over are in financial trouble for spending too much on a house. You should limit yourself to twice your household income, and be sure to have 3-6 months expenses in an emergency fund. On a 15-year mortgage, your house payment should be no more than 25-30% of your take-home pay.
In your case, sticking with houses in the $150,000 to $175,000 range will keep you from getting in over your head. The costs of owning a home are far more than just the mortgage. Utilities, maintenance, yard care, furnishings, emergency major repairs, appliances, insurance, taxes, etc. all add up. |
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Angry Seal
|
To live within your means don't spend over 3x your combined salary for a house. So that means about $258,000. |
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lightupthesky25
|
Google "how much home can I afford" and you'll come up with lots of calculators that will give you an idea. On the referenced calculator I plugged in your income assuming no debt and no down payment, at 5% interest, and left the assumed $3500 in taxes and $481 in insurance (yours will probably be more; I paid $98500 for my home and my taxes are $3300 and insurance $865). It said conservatively you could afford $312K and aggressively $378K. With a down payment you could afford more; with debt it'll be less. |
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GVD
|
At $86,000 you make $7166 per month. A comfortable debt to income ratio is around 30% (you would be approved for up to 45% assuming you have decent credit) 30% of that leaves you with a monthly payment of $2150. Tax and insurance would need to be part of that payment, but VA loans do not have mortgage insurance so that will save you. Based on this evaluation, a very comfortable loan amount would be around $340,000.
Ignore the people talking about 2 times your income or 3 times your income, this was made up when interest rates were at around 8%. A 340,000 loan, now at 4.75% is $1773.60 plus tax and insurance. the same loan amount at 8% is $2494.80. That's $721.20 more and obviously one could afford less home at those rates. Have your situation evaluated by a professional to see exactly where you stand. |
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