 Can you change the status of your current mortgage? |
| Can you change your current home to an investment property and move into another home that is the primary residence?... |
|
 Landlord wants to charge rent past the end of the lease. Is this legal? (VA)? |
| My fiance and I currently live in Fairfax County, Virginia in a rented apartment. Our lease ends on May 17. We will be moving to Portland, Oregon in mid-April. Because we're moving before ... |
|
 Are tax returns required when renting an apartment? |
| I live in Texas and in the process of locating an apartment (my first). My current employer pays me in cash and I was wondering if presenting tax returns are generally a requisite during the ... |
|
 Trying to sell home neighbors kids scaring off all my buyers!? |
| I lived in a very nice quiet neighborhood culdesac for 15 years. So quiet you could hear a pin drop day or night. This past winter a family with 9 kids (yes 9!) across the street moved in. No I ... |
|
 I have an ARM with a penalty phase getting ready to end. Where do I start to refinance? |
| I know that everytime my credit is checked, it is a hard hit on my credit. I want to shop around for the best rate, but want to do so in a way that will not be detrimental to me.... |
|
 Is it worth avoiding paying PMI on a mortgage and withdrawing some money from retirement funds? |
Additional Details
was thinking to take out 10K from retirement funds as a first-time home buyer (hardship withdrawal) to make the 20% down.... |
|
 Do I still have to go by a lease when it when it ended 6 months ago? |
| I have been living in my apartment for a year this month. Our lease was month-to-month during that time, and now of course we are month-to-month, but without a valid lease. We have been paying on the ... |
|
 Any help out there to prevent foreclosure? |
| I am about to have a huge problem. We took out one of those New Century loans with a low (ours was not that low but...) intrest rate for two years and then they can rais it. We had planned to ... |
|
 Are the any government grants out there to help a low income family buy a home? |
| Are there any government grants out there to help a low income family buy a home. I'm a first time home buyer and I can never seem to same any money for a down payment. The cost of the home I ... |
|
 Can i charge late rent fees to my tenants? |
| I have been a landlord for about 15 years now and never charged late rent fees to my tenants. I have had lots of problems and think its time for a change. Does anyone know what the process is for ... |
|
 I was given an inflated real estate appraisal. What can I do?My sales price was based on it.? |
| I purchased an investment property last year whose price was based around an appraisal which I now believe to be inflated. In looking at other appraisals, the numbers used are very different. They ... |
|
 As a HOME BUYER, how does this make you feel? |
| The national association of realtors brags (see link below) that home sellers that used real estate agents to sell their home received a 15.4% higher sales price than sellers that sold their home ... |
|
 Just who are all of the people defaulting on their home loans in America.? |
These people made false statements on their applications, and some unscrupulous lenders aided these home buyers.
What is the demographic on these people?... |
|
 Lease Tenant Changes? |
| I am a primary tenant of a townhouse in Virginia. My wife who also signed the lease recently left. She has no intention of coming back and I would like to know by law what are my rights as a primary ... |
|
 What should I be studying if I want to flip a house some day? |
| It's a dream of mine to flip a house. I don't know anything near what I need to know in order to be successful. Where can I begin to learn the necessary information so that I can be well-... |
|
 Does a house need to be fully rehab before an appraiser can appraise the house? |
| The house right now is usable and functional. There are a few things need to be done like putting screens on windows, replacing the kitchen cabinets, and putting doors in bedrooms and closets. The ... |
|
|  |
Eileen | How much house can I afford if...? |
How much house can I afford if...
Okay so let's say I live in a 600,000 dollar house that I am planning on selling. I also make 200,000 a year. How much house can I afford? Just a general idea.
Additional Details
the family is 2 parents and a kid. 200,000 is what both parents earn together. |
 |
 
Cilantro
 |
alot more than the average person
edit: I've heard that its good to spend no more than about 30% of your yearly income on housing so for you...30 is like rougly ..40,000...divide by 12...thats ALOT of moolah for house...good for you! |
|
LifeisShortButSweet4Certain
 |
Depends if your in debt already...do u have a family? bills? you can make a million a year and still not be able to afford thing...
your bills, debt, family factor into this question |
|
Mildred S
|
i would not over buy. you need to plan for emergencies and for savings / investments. no more than 30 percent ?
whatever the bank tells you / is to high. always figure lower. they do not care if you can't meet your mortgage. if you are putting high equity in it, it can be profitable for them if you lose the house.
i would live on one income if you are married. save one income. live on one income. be conservative as the economy is in a turbulent time. |
|
Michael
|
1.)The house is worth $600K but how much do you owe on it?(in other words, how much equity do you have in it to put down on the next house?)
2.) What are you shelling out each month in other debts such as credit cards, cars, boats etc.
A quick way to see how much you can afford is by looking at debt ratios. A typical lender wants to see the following...
no more than 29% of gross income going to Mortgage loan. No more than 35% of income going to all debts combined.
There are loans out there with more relaxed guidelines such as FHA loans etc but those are typically not for $600K + houses.
Go to bankrate.com and use their affordability calculator. It should help. |
|
moon
 |
Ummm.... one. Since you didn't actually mention in how many year of work. Even if your house worth 600,000 dollar, is it the price when you bought the house or the final price before you sell it? Well thats all. |
|
AFM
|
A lot- provided that you owe less than $600,000 on your current home. Go for 20% down. |
|
Whynot
|
You would be better to google a good mortgage calculator. |
|
kate
 |
So , we are to believe that someone in the $200K range who owns a $600K home ,
Does not have a clue about what you can afford ?
First off , a Real person making $200K knows that debt is a factor and would have indicated that (but you didn't mention it ) .
Plus , a Real $200K person has already consulted their bank and broker & they know what their pre-qual letter says .
Thus , I am guessing you are poor and have fantasies about marrying someone with a $200K income ?
Is that close ? or what is the real story ?
> |
|
ebookrom
 |
If your buyer takes out a loan
and pays you 600,000 for your
house up front, you could use that
money as a down payment on a
house that costs 5-6 million, but
you only make 200,000 a year,
so you might think of buying a house
that costs 1-2 million, with the 600,000
down payment, your payments would
be around 4,000-12,000 a month. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
9 | 31 minutes(s) ago
| | | |
9 | 1 hour(s) ago
| | | |
9 | 5 hour(s) ago
| | | |
9 | 6 hour(s) ago
| | | |
9 | 7 hour(s) ago
| | | |
9 | 9 hour(s) ago
| | | |
9 | 11 hour(s) ago
| | | |
9 | 1 day(s) ago
| | | |
9 | 5 day(s) ago
| | | |
9 | 1 week(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
