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manfei | What's the price range of house I can afford? |
I'm the first time home buyer with under 20% to put down on a house. I make about $70,000 annually (before tax). I have no debt at all , my car is paid off in full and I'm a single parent with one son. I'm looking for a house which I hope won't bring too much finance pressure on me and which should also be easy to sale later. |
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ogrendle
|
Go see a banker and ask them. It will depend on many things. You may qualify for Rural Development loans and grants. Start with the traditional sources. Also get a Buyer Agent to represent you. It doesn't cost you and your interests will be protected. Go to REBAC.com and www.jackosullivan.net
Good Luck. |
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jcampos8782
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What is a comfortable payment for you? If 3000 seems reasonable, I don't see why we couldn't get you into a 500,000 house! Call me if you want to get pre-approved. |
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Ricky J.
 |
Your mortgage payment should never exceed 20% of your take-home pay. You could probably stretch it into an $1,100.00 payment. With a 40 year mortgage, you fall into the 450 to 475K range but 475K is the highest I'd go. |
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whatevit
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You are in the $200,000 range. You can pay 20% down - $40,000. Take a mortgage at $175,000 to $160,000. Your monthly payments will average $1,200 ins & taxs $350 = $1,550.
At your income you will be able to survive well.
If you are in a High Real Estate Cost area, or If you have problem Credit contact me I can help. |
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HomesByDamon.com
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It's difficult to give you a good number because much depends on your credit score, how much you'll put down for a down payment, the real estate taxes, amount of homeowner's insurance, and other debt payments (which you mentioned you have very little). You did say you are a single parent - does your child go to daycare? If so, how much? For example, it's a $1000/mo where I live, and lenders will want to know this.
If I assume your child does go to daycare, and it costs a $1000/mo, and your credit is good, the taxes are $210/mo, the homeowner's ins. is $70/mo, the pmi is $178/mo, the rate is 6% on a 30 year fixed rate mortgage, and you're putting 5% down, I would say you could get qualified up to $250,000.
If your child lives with a family member during the day and there's no cost involved, up could go up to $310-315,000. |
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mrs. me
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i say about 120,000 depending on where you live and your credit. you dont want to over extend yourself and you do have to think about how much you can be putting back for your childs college and other expenses |
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Wrong!
 |
the banks will tell you up to 28 or 36 percent of you monthly gross can go towards a mortgage depending on your existing debt. You must understand the banks only care about your existing debt and the debt that you are getting with the house. they are not concerned with you eating, clothing or providing daycare for your child. so you have to determine how much you can afford to spend, while still having a savings accounts and afford your lifestyle. If your debt is clear and credit score is good the bank might approve you in the $2K per month or $350-400K mortgage range. but on top of the mortgage you have property tax, insurance, home owner fees. I make $105k, with a wife and our note is $1900. My rule of thumb is my mortgae cannot be more than one paycheck, take home pay. If you live in a market where you can find a place where you can get a mortgage payment for 1500 or less I would look that way first. also, if you rent now you can go the investor route and buy an 2-4 unit apartment building, rent the other units and live for free! that the best option. live rent free save some more, build equity and let the rental property buy the house eventually. |
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Prpl_Hoo
 |
Use this How Much Can I Afford Mortgage Calculator
http://www.yourfreehomebuyingsecrets.com/afford_calc.aspx
While you're there Check out some of the Free Reports about home buying.
Cheers! |
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rand a
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depends on how much of that paycheck you actually have saved, where you live, how old you are, and if you havent saved any what you do with it. I dont understand what you mean saying you have under 20% to put down, that sounds like you have already chosen a price range. You are gonna need extra money in case something goes wrong, like your furnace kicking it, or your roof falling in. Take the amount of money you are spending on rent right now, try to get a loan that allows you to pay that much for the mortgage, add a couple thousand for insurance and property taxes, and then see what you get. |
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staceydian
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I'd say $175k to $200k, that would be a payment that includes principal, interest, taxes and insurance. |
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delmonticoman
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I think that you could afford $180,000 home and live comfortable |
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