I make 30k a year? What kind of home loan can I expect to receive? I.E. How much?

Question

I live in Los Angeles, CA

also have spouse who makes around the same per year.

not necessarily looking for a house. maybe a duplex or condo.

Answer 1

It depends on your monthly debt. Take your monthly income multiplied by 40% and subtract your debt. What is left is how much of a house payment you can afford.

Answer 2

For Finance and credit solutions I recommend this website where you can find all the solutions. http://personalfinancesolutions.info/index.html?src=oik3ezm70siU

RE :I make 30k a year? What kind of home loan can I expect to receive? I.E. How much?
I live in Los Angeles, CA
Update: also have spouse who makes around the same per year.

not necessarily looking for a house. maybe a duplex or condo.
Follow 16 answers

Answer 3

You make $5000 per month, combined.

A paper you qualify for payments of about 45% of your gross monthly income, or $2250, less any continuing debt service you have (car payments, credit cards, etcetera). That includes taxes and insurance and homeowners dues (if any) and Mello Roos (if any). Assuming you have no debts, you're probably looking at maximum morrtgage payments around $1800. Since 30 year fixed rates are about 6.5%, this works out to about $280,000 worth of loan. You can find solid 2 Bedroom condos for that. Or you could maybe get into the low 300s with a subprime interest only. Or you could put yourself into real trouble with a stated income loan, in which case the criteria is "how insane are you?"

More in depth article here:

http://www.danmelson.com/posts/1147464929.shtml

Answer 4

For a 30 year loan it is about $2 hundred.00/month with a pastime fee of 5.ninety six% For a fifteen year loan it is about $281.00/month with a pastime fee of 5.ninety six% Neither of those is out of the question less than regularly occurring circumstances. The 19k truck loan is way out of bounds. it is 2/3 of you each and every year income. After taxes it is a minimum of 0.5 your take abode pay?? At $425/month you'll under no circumstances get ahead making 30k/year. you have not the different debt yet will nevertheless be unable to maintain for emergencies and retirement with this astounding over your head. you probably did not factor out any fee reductions except the down fee. So, i assume you do not have 3-6 months of expenditures in an emergency fund? in case you should provide up the truck and owe less than 19k and function transportation you could be a lot extra ideal off whelther you presented the abode or no longer. Say you bought the truck for 15k and were given a private loan for 8k. you should pay off the spectacular 4K and function 4k left over. then you fairly ought to purchase a get-me-to-artwork-automobile for 4k and easily owe 8k as against 15K. do not commerce a truck for a house. abode frequently celebrate with in value, provide you an section to stay, and provide you a tax deduction. automobiles pass down in valule like a rock, damage down, are truly only a way from getting from factor A to B, and replaceable.

Answer 5

That depends on your Down payment. Credit Rating ect. However you do not want your house payments to exceed 25% - 30% of your monthly income or in your case around $500 -$600 a month. which is roughly 80 to 90,000 depending on what interest rate you get 90K @ 30 years @ 6.5% = $598.86 a month. but then you will need to add Taxes and Insurance which will put you over @ 90K but gives you a good ballpark.

Answer 6

Believe it or not, most of the above people do not know what they are talking about. Depending on both of you guy's credit scores and your debt loads you may be able to qualify for around 250k or a little more ( I calculated that estimating your current monthly debts at $900/month). I can definitely help you out on this if you'd like (I am a loan officer). Let me know if I can help.

Answer 7

You could afford 100 sq foot cardboard box, but unfortunately you would not be able to afford to place the box anywhere. Average home price in LA is about 600k. You're gonna need ALOT of money down.

Answer 8

ultimately depends on your credit really. I have people making less than you who got approved for loans nearing 200k. credit makes a huge difference. if you know your score then I could help you out in determining what you'd be able to get. also helps if you have a house in mind as well.

Answer 9

try to get a R.D. loan from a bank (not alocal one tho- there not as understanding oddly enough) and talk to a realitor, a good realitor. depending on ur income and your bills, the band will be able to figure out a good amount for you to go bye, and the reailtor will help you find a good home :)

Answer 10

Wait! Housing prices are going to come down, esp in overinflated markets like CA. I do agree, however, that you are going to have a rough time buying a house in LA on $30,000/yr.