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GREG M | I make $75,000 a year, can I afford a $250,000 house?? |
I have no debt other than truck payment at $525 a month for another 2 years.
Additional Details
I would not have the 10% to put down |
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ga_rei_guy
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If you have paid your bills on time, based on your debt to income, there shouldn't be a problem in getting a loan. That being said, you will need documentation to verify your income. Stated income loans are much tougher these days. Do you have any money to put down? That will also have a bearing. |
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jenny
 |
I took an Ideas in Mathematics class last semester, and this was one of our math-type problems. The formula was that you take your income, multiply it by three, and that is the amount you can afford.
So you're just a little bit short of being able to afford it. |
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leslie k
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yes. maybe you can take a loan. depending on your savings, not your income. |
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Real Estate Guy
 |
YES.
Your monthly gross income is $6,000 a month (before taxes).
Using a ratio of 28% for your total PITI you can afford $1,750 a month. Minus 300 for property taxes, insurance you are left with $1,450 for the mortgage itself. At a 6%, 30 year fixed rate, you could get a $242,000 mortgage. On top of this, you put your down payment.
NOTE: lenders will qualify you for A LOT MORE. However, I highly recommend never going over 25-28% of your gross income (before taxes) for housing. If you say you can afford more and make the payments, great, then put this difference into savings each month.
You should be saving at least 10% of your gross income FIRST. Pay yourself first and don't become house poor!!! |
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*****
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Yes, as long as you are aboe to hold on to your job. That is your biggest worry. |
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empty-nester 2002
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The short answer is yes. Can you make a substantial down payment? The larger your down and the better your credit rating the easier it will be to negotiate the lowest possible interest rate. That is what will keep your monthly pmts managable. Go for a fixed rate and don't let the lender suck you into an ARM. You'll get screwed. |
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ro
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You sure can. At most including property tax and regular home insurance it should be no more than $2000/mo with $0 down (assuming 30yr fixed). Of course the more money you put down the less per month you'll be paying. |
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evensonhimself
 |
Yes, 75K is plenty for a 250,000 dollar house.
to get you a definite for sure answer and see what your payments would be it's best to have a mortgage advisor take an application from you and show you exactly what your payments would be. see what your debt to income ratio would be and all of that. with the new "credit score" hits out there your gonna have a substantially different payment on a 250,000 dollar house with a 720 credit score than you would with a 650. if you need help shoot me a message. i can help get you the info your looking for. |
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Mike B
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I would say generally yes but be prepared to budget your money. |
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bud68
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Yes, if your credit is good, but you will do well to save up a down payment of 10% first. Zero-down loans are risky and will cost you more in the long run. |
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G G
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If you make that much money and have been for a while and have no debt AND havent been blowing all your money you should have enough now to pay the truck off.
And yes, you should be able to afford that house. |
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derek w
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Yes, right now is a great time! Try and find a house that was recently foreclosed by the bank. Its a nice feeling not having any debts isnt it :) I suggest you pay that house off asap and keep on buying property. Dont waste money on useless **** and retire early! |
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flikapotamus
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are you bragging ? |
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bailie28
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after you deduct all your bills from your pay...your house payment should never be over 45 percent some banks say 40...i would think you could but that is one huge house payment |
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Cafe Au Lait
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You have not mentioned if you have the money for down payment (at least 10%?). If not, you have to pay PMI.
Assuming you have 50 grand ready for down payment and a good credit rating for a 30 year fixed mortgage, it could cost you around 1,300(for mortgage) + any association fee + taxes + insurance every month depending on the county where you live. So we are looking roughly at around $1,900 per month for the home. If you do not have that 50 grand for down payment, you also have to add PMI, that might take your monthly amount to around $2,300.
Assuming a 27% tax for Uncle Sam, your take monthly income is around $4,500. So, yes sir with that income, you should be able to afford the home and should still be able to make that $525 for the truck. But then again it all depends on your lifestyle. |
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yum.lollypop
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yes, definetely.
and u have not debt. |
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Soki
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Hell yeah!!! It's not the income that's the determining factor tho'. When I applied for a home loan, they're more interested in how much deposit I had saved, which wasn't a lot :( If you're good at saving, try to aim for about 10% of the value of the house, in your case, $25000. If you've got that money stashed away, you'll be laughing. Otherwise, try to ask someone to 'loan' you that money, but don't tell the bank. You can draw up a private loan contract with that person if they're worried that you won't pay them back. When you apply for the home loan, just say yes when they ask if you've got the deposit. Anyway, good luck and hope the advice has helped! |
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