 What happen if u lose a job before closing date? |
| my closing date is aug. 8. i think my job mabye in jeopardy. if i lose my job before closing date...do i have to tell my mortgage bank? what happen if i get another job before than? do i still ... |
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 Have to leave Parents Home? |
My Parents have decided to sell up and leave the country - leaving my brother, sisters and I homeless.
Our ages range from 17 to 26 - are we entitled to any sort of housing help?
... |
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 Do you still half to pay your half of the rent on a lease that your x refuses to breach? |
| I want to break a rent contract. I have 7 months on the lease left. The situation with my x-boyrfriend was an abusive one so i had to leave but I was told I still have to pay my half of the rent ... |
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 Verbal 30 days notice? |
| We signed a 1 year rent contract. It expired 2 months before we moved out. There's a line in there which we didn't read which says that after the contract expires, it will become a month-... |
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 We want to buy a house but its so complicated.Any advice? |
| We are pre approved for 150k loan but i am not sure how much of a house i can get for that amount in North Carolina. my husband is the only one working right. How much does it really cost between ... |
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 Should I repair my credit before purchasing a home, or continue renting until I repair my credit? |
| I want to purchase a home, but I am currently repairing my credit from mistakes I made 4 years ago. Ive consolodated two major issues on my credit, a large credit card bill and money I owe the IRS, ... |
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 I gave my landlord a 6 month notice that I have to break the lease? |
| I can't afford to stay in this rental home thats $1300/month? I gave my landlord a 6 month notice. What can he do legally to me? Besides, there are things that are broken that he won't fix ... |
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 Getting out of a lease.? |
| I am currently locked into a lease but have lost my job. There is no buyout option, but I will be unable to pay rent in the near future. I have given notice, but they are saying that I am still ... |
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 Is this my responsibility or the landlords? |
| ok i've been renting an apartment for about a year now, and its time to sign the new lease, but i have a few issues with my landlord. first of all he never does anything that is his ... |
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 How much does a home cost? |
Roughly how much would the minimum deposit be on a £250,000 property?
Additional Details
Roughly how much would the minimum deposit be on a £250,000 property in the UK?... |
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 I am going to bid on a HUD home tomorrow, its 87,500 dollars, I want to bid 80. Do you think that is okay.? |
The house is nice, it has minor problems, mostly cosmetic and probably not adding up more than 2 thousand dollars. The neighborhood is nice. The home is 3 years old.
Do you think that is ... |
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 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 ... |
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 When selling your house who pays for closing costs? |
and approx.how much will it be
Additional Details
in SAN Jose, CA... |
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 Any mortgage advisors on YA today? |
If there are will u pleeeeease help me!!
I'm trying to find a mortgage for a house I've fallen in love with!!
All the bank mortgages are rubbish!
HEEEELP!!<... |
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 Tips on buying a house? |
| How can I find a house with low or no down payment?... |
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 Am I being scammed? |
| I have a modest mortgage and a modest car loan. My credit is AAA awesome. I make about $75000 gross a year. Recently I was approached by a doctor when I mentioned my credit was excellent about co-... |
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 Buying a property w/out an agent? |
| I am purchasing 1 bedroom condo w/out an agent. I've researched property through websites and found what I liked. I called the listing agent and I faxed over counter offer. My question is ... |
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Lauren M | How much do we need to make to afford this house? |
We are interested in a house that we think we can get for $275k. We would put 20% down and have a 220k mortgage. This will be no problem with our dual salary, but we're thinking that I will stay home when we have kids in a couple years. What salary do you think is appropriate for a 220k mortgage? We need to know what my husband would have to make. |
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James S
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It depends on how many other things you are financing. Student loans,credit card debt, or car payments would all factor in to your over all debt load per month. In the mortgage world it is your D.T.I ratio or debt to income ratio. The qualifying ratio for many loans is 50% although some sub prime loans allow higher ratios. So if you had a 220K mortgage on a 30 year term and 6% interest your payment would be: $1,319 per month plus taxes and insurance I'll estimate at $200 per month. So you can expect to pay around $1500-1600 per month if you get a standard 30 year loan. Take than # and double it to see what the minimum amount you need to make (gross) to qualify for this loan. Basically $3000 - to $3200 if you had no other debt. Just add the monthly payments of any other debt you have to your estimated mortgage payment and then double the total to see the minimum salary you husband would need to make. |
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skipper
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A 30 yr 6.6% mortgage of $220, 000 would have a monthly P&I payment of $1405.05. You will also have property tax and home hazard insurance payments. I'll make a guess (not knowing where you live) that an additional $450 a month would need to be set aside for the insurance and property tax.
That brings the total to $1855. Normaly your total monthly payments (car payments, student loan paymernts, etc. plus the $1855) should not exceed 35% of your monthly gross income. If you had no other debt payments to make, your husband should earn about $63,500 or so a year. Some lenders use a figure of up to 41%, which means your husband could earn $54,500 or more. |
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AB
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While there are all types of valuation methods and recommendations on how much house you can afford, what the 'experts' never tell you is it doesnt matter 'how much you make, it matters how much you have'. So i typically go with a term 'zero net debt'. If you have a 220k mortgage, work towards having 220k in net worth elsewhere (401k, IRAs, CDs, savings).. and while a lot of us take time to get to a sizeable net worth, you should consider staying home to have kids after reaching this goal, i.e. unless your husband's income alone gets you to that goal sooner. Needless to say - money you have in the bank is yours forever, but the same cannot be said about income from a job, etc... in the end, it all comes down to what you are comfortable with. |
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cowboydoc
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I would agree on the 40% salary and be careful of accidents and illnesses so, I would opt for an agreement on insuranse to cover any of this. It would scare me to death to look at this mortgage every month.
Being in the contracting business, doing Real Estate these homes come up all the time in Vegas. You see a young couple move in, the wife quits to take care of the children. Then they buy some furniture, then a new car. Pretty soon you see a boat in the yard.
Then a dish on the house. Pretty soon the neighbors hear them fighting. It's always the same. Then the house is Empty, we get it, a mess, they leave everything and head for home, in another State leaving everything behind. I had more garage sales over this, got more new clothes and furniture then I needed because they just made a midnight move. It was happening two, three times a week.
Please Honey, be very careful, watch your "P's" and "Q's" and watch your budget, watch it very carefully. A big house is nice, a new house is fine but, you can start out small and work up also, think about it. |
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doc
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You should be making at least 50,000. With PITI you dont want it taken more than 45% of salary |
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pa2behappy
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Paying the mortgage is not the only expense that will have to be covered by your husband's income if you decide to have kids. There is health insurance & cost of child rearing as well as property taxes and insurance which will continue to rise faster than income inorder to fund repairs resulting from the climate change we cause by using fossil fuels.
Having your only source of income from a job is also very risky as companies downsize as soon as they start having difficulties.
At a recent Millionaire Maker's Seminar I discovered that successful people had several income streams so could experience the life they wanted and treat the business set backs as learning experiences (each had average of 16 )before getting help to find their way to wealth.
It is possible to do something now and keep getting paid for it over & over in the future even if you do not work in the future.
Give Your Dreams a Chance to Be Happy in this Life |
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DebtFree
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since you will lose salary two when you are pregnant and not working, you must find a mortgage you can afford with one income.
the late larry burkett of crown.org says the mortgage payment should be no more than 40% of your monthly take home pay... this includes payment, taxes, utilities. everything. |
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lossmitigator57
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Based on what you have stated and not taking into account what other expenses you might have, just the mortgage alone $220,000 based on current rate of 7.5 for 30 years the payment would run you $1,540 a month. |
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Craig H
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Most loan companies will lend you up to three times your salary. |
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kate
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IF , you have No other debts , about $4500 / month .
With other debts you would have to redo the math .
Note : your debts & credit score (which determines your % rate ) are huge issues .
Really need more info for a better guess .
Ask your bank for a pre-qual letter as that would give a truer picture .
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Tom K
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You've asked a question that is almost impossible to answer. Your mortgage payment alone will likely be in the neighborhood of $1,100/month. But you will also need to take utilities, property taxes, insurance, and general maintenance into account. Those can vary significantly from region to region. And they can change greatly with little or no warning. Plus you need to factor in the expense of having a child or children and be realistic about that expense. You have some homework to to. |
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J R
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Most banks will only allow 36% of your income for housing payments. This is strictly a estimate assuming will get a excellent rate. Your husband will need to make a minimum of 75-80k a year. Also this could vary depending on how much the yearly property taxes are. You can find this out checking with the tax department for your county & getting a quote from insurance companies on how much the insurance will cost. The income requirement could be more depending on the budget. Sit down & figure up the amount you will have to spend on kids monthly also so you're not in a squeeze on your house payment. |
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