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Additional Details
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Additional Details
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smooches! | What's the minimum yearly salary i should have before i even consider purchasing a home? |
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NOIZE
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Your mortgage payment should be around 35% or less of what your income is.
If you want specifics, tell me your income and I'll tell you how much house you can afford. |
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newmexicorealestateforms
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The variables affecting such a general question are infinite, given for standards set by lender, prices and terms etc etc so the best thing I can do is give you the ability to guess at the answer with the following calculators:
Mortgage Calculators – Includes finding if you will qualify for a mortgage:
http://www.mortgage-x.com/calculators/Pre-Qualifier.htm
Closing costs comparisons by States: http://www.bankrate.com/brm/news/mortgages/ccrank.asp
Calculator to compute an estimate of the total cost of closing: http://www.myfico.com/LoanCenter/Mortgage/Calculators/ClosingCosts.aspx
In addition you will need to know a little about what to expect in the financial end of any transaction so here are some links that might help you understand that:
Real Estate Settlement Procedures Act (RESPA) [about closing costs & settlement procedures]: http://www.hud.gov/offices/hsg/sfh/res/respa_hm.cfm
Buying a home an article from AARP: http://www.aarp.org/money/wise_consumer/financinghomes/a2004-02-18-BuyingAHome.html
Then finally you might want to find out what types of loan assistance programs there are available to you to that end there are many links available but you should get started with these links:
List of all available Federal programs* http://www.govbenefits.gov/govbenefits_en.portal;jsessionid=FX2KrmkSYpQNWvJT5M5bCT8d6NfrbMGL2kWh01jgmGKD5HYmGYyj!-1747634320?_nfpb=true&_pageLabel=gbcc_page_locate_federal&_nfls=false
Finding out what benefits you are eligible for with the US Government*
http://www.govbenefits.gov/govbenefits_en.portal?_nfpb=true&_pageLabel=gbcc_page_questionnaire&_nfls=false
Lots of research but you can't go wrong with it.
Buena Suerte |
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cloothe
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It depends on how much you have saved for a down payment and how much the house costs. Generally, lenders prefer to issue mortgages for no more than 3 times the amount of your annual income. So, if you make $35,000, you can afford to borrow about $100,000. But there are ways around that limit, especially if you have a good credit rating and a secure job.
Your best bet is to talk with a mortgage broker or a bank, show them your finances, and ask how much they could pre-approve you for. Pre-approval, which is much better than mere pre-qualification, shows you how much the company would lend to you. Then you can judge what you can afford to buy.
Good luck!! |
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james h
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depends where you live and what price the property is |
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manny
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the mortgage payment shouldn't be more then one-third (33%) of your income, some people are able to swing 50% but that's just nuts you'll be penny pinching for life. the 33% is the safe rule. |
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adamseymourdavies
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Some lenders will now lend 5 times your salary. But there are plenty of other things to consider: how much deposit do you have etc? Go to an independent morgage broker to get some free advice - and don't over-stretch yourself! I am currently renewing my mortgage and found a great site that should help you: www.moneysupermarket.com. Good luck! |
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shazbotbaru
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Never pay more for house payment than one weeks salary... |
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wildand5150
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Fanny Mae can help you figure that out as well as other helpful tools when purchasing your first home. |
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arunhn
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Well, the salary you need will depend on the price of the house you want to buy. On a $150,000 house, you can expect a mortage of about $900 per month. So you get the idea. It is better to save up some money (atleast like $10000 - 15000) and use that as a downpayment for the house, so that your monthly payment will be lower. Also, you will get more loans approved if you put a higher downpayment. |
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tuesday
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Depends on where you are as home prices differ significantly. I think I heard/read that it's a good idea to spend no more than 15% of your total income on housing. |
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Chula
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It depends on how much the house costs. If you make $30,000, you can afford a modest house. Probably a small one around $30,000 that might need some work that you could do yourself over time. The more you make, the more you can afford. Your bank can tell you how much house you can afford. |
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