2006-10-12 11:57:05 · 7 answers · asked by jus me 1 in Business & Finance ➔ Renting & Real Estate
i have about $10,000 for costs. it will be my first house.
I found one for $180,000- but taxes are around $6,000.
2006-10-12 12:08:34 · update #1
So many people are in big financial trouble because they have gotten over-financed on a mortgage. I see the other answers that you have gotten, and I am cringing.
A good rule of thumb is to finance 1.5 times your gross annual salary, in your case $78,000. This will leave you enough paycheck to pay your utilities, insurance (health, auto, home), gasoline, etc. and still be able to buy groceries.
Please don't let a broker talk you into something you will regret. The broker will get his commission even if you end up getting foreclosed on.
2006-10-12 13:05:34 · answer #1 · answered by Sharingan 6 · 1⤊ 0⤋
ok assuming you credit is just fair so we'll give you a 600 mid score your 10k down would mean you are looking to get approximately 95% financing. on a loan amount of 170k at lets say 7.5% on a fixed 30yr you are looking at about a $1,300 for the mortgage + $6000/12= $500 = $1800 and assuming you insurance will be around $500 a year you can add $40 to that. your housing payment could be $1841 a month. If you credit is better or worse you are looking at more or less. For a free pre-approval, great rates, service and programs log onto http://justgetaloan.net/ you can have you approval within hours. Also if you have any additional questions feel free to call me at 866 530 7300 ext 7305 or by email jfreeman@justgetaloan.net
2006-10-12 20:21:20 · answer #2 · answered by Anonymous · 0⤊ 0⤋
that question has so many variables its hard to answer.. what kind of mortguage do you want fixed rate, ARM ,10-15-30 year term do you want one with ballon payments is this your frist home investment property. do you have a down payment saved or not. did you want a bank or mortguage company mortguage.. whatys your credit rating and your income after your other bills are paid (light bill etc)id speculate that with your income. you sould be able to qualify for a 125,000 30 year nicely. but talk to your bank . do some reasearch and watch out for preditory lenders .
2006-10-12 19:01:30 · answer #3 · answered by darkling1k 3 · 0⤊ 0⤋
Generally, banks use the 28% rule. On 52K you can afford a monthly payment of $1213.33 Principal and Interest. Banks do not factor in insurance and tax escrow. So based on a rate of 6.5% you can afford about 180K.
2006-10-12 19:02:45 · answer #4 · answered by golfserv2001 4 · 1⤊ 0⤋
based on the information that you provided you shouldnt have any problems. also, depending on the area you are looking to buy in you may be able to qualify for a FREE grant to cover your down payment and closing costs. you can send me an email or call me at 1-877-GRANT-100 for more details. also, check out www.libertygrant.com
2006-10-12 19:59:54 · answer #5 · answered by Anonymous · 0⤊ 1⤋
If you are single you should be able to swing about $200.000.
If you have a boyfriend, cut that amount in half.
If you plan to get married, question? How big is your car and will it hold furiture?
2006-10-12 19:27:53 · answer #6 · answered by sweetirsh 5 · 0⤊ 0⤋
To live comfortably and not have your mortgage choking you ... you could afford a mortgage of no more than $125,000.00
I do real estate closings, and while you will be able to get loans for more than that ... please believe me when I tell you that it will be a huge mistake that you will regret.
2006-10-12 21:43:54 · answer #7 · answered by BoomChikkaBoom 6 · 2⤊ 0⤋