I currently make $40,000 per year. However, I am in a prestigious bank training program and I expect my income to increase quite a bit when I finish my training in about 9 months. I only have about $160 a month in debt payments (car and credit card). I am about to buy my first place and I think I want to spend about 125,000 to 130,000 dollars. I have a lot of savings and I can easily afford to put 10% down. I am going to do a piggyback loan for the other 10% to avoid PMI. My monthly cash flow should be good, I will be abloe to sock away about 750 bucks a month after my payments, but that will not include taxes and insurance. Taxes will be 1700 per year and insurance around 900-1000. So I can easily save that and pay it when it comes due.
Given what I have read, I should buy a house about 2-3 times my income which would be 80,000-120,000. I realize I am looking a little bit above that range. But given that I expect my income to increase significantly, what would u do if u were me???
2007-02-05
16:11:30
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11 answers
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asked by
Anonymous
in
Renting & Real Estate