I want to buy a house in my neighborhood, before someone else gets it. its listed at 95,000.00 but i only make 15,000.00 a year and im making car payments+insurance $ 368.00 a month. other expenses like credit cards totaling 100.00 a month, then cable and telephone, 70.00. i estimate i will have about $400.00 a month to make a house payment; would that be enough??
2006-09-01 12:28:33 · 6 answers · asked by dvx9 3 in Home & Garden ➔ Other - Home & Garden
dont for get your property taxes and you have to eat yet plus gas and oil for car.then if you are below 25% down payment you will have to buy private morgage insurance you will not get a morgage, if you have about 70,000.00 down payment then maybe
2006-09-01 13:19:27 · answer #1 · answered by Bighorn 4 · 1⤊ 0⤋
Unless you have a HUGE down payment, I don't think you can buy this house. Remember its not just the amount of the house you will be paying. There is homeowners insurance, PMI(private mortgage insurance if you put less than 20% down payment),taxes, utilities etc. Try this mortgage calculator and run different amounts through.https://www.capitalexpresslending.com/mortgage_calculator.html You would have to make over a 50000.00 down payment to get anywhere near 400 a month payment and that is assuming you have excellent credit. Hope this helps! Good Luck!
2006-09-01 12:45:36 · answer #2 · answered by Anonymous · 1⤊ 0⤋
You would need to find out if you would get approved for a loan first and then they would let you know what interest rate they are going to charge and minus a down payment and then figure for how many years you want the loan and that would give you your monthly payment.
By the way, not to be rude but you don't make much. Are you not working full time? You should try to make more money and get a house when you are more financially stable.
2006-09-01 12:32:38 · answer #3 · answered by Amy >'.'< 5 · 1⤊ 0⤋
Well a lot of it depends on that state you are in.
The amount of taxes and homeowners insurance in your area.
The payments on a house are usually 1 percent of the purchase price. That would be $950.00 per month. So as you can see you don't earn enough to buy a house in that price range.
Sorry!!
2006-09-01 12:38:51 · answer #4 · answered by ? 7 · 1⤊ 0⤋
no. at best, a monthly mortgage should be 33% of your monthly take home pay, sans other financial obligations.
2006-09-01 12:41:50 · answer #5 · answered by Anonymous · 1⤊ 0⤋
talk to some one at the bank you would have to have a mortgage on the house
2006-09-01 12:32:18 · answer #6 · answered by Anonymous · 1⤊ 0⤋