2006-11-20 07:18:00 · 10 answers · asked by smooches! 2 in Business & Finance ➔ Renting & Real Estate
Your mortgage payment should be around 35% or less of what your income is.
If you want specifics, tell me your income and I'll tell you how much house you can afford.
2006-11-20 07:21:17 · answer #1 · answered by NOIZE 4 · 2⤊ 0⤋
The variables affecting such a general question are infinite, given for standards set by lender, prices and terms etc etc so the best thing I can do is give you the ability to guess at the answer with the following calculators:
Mortgage Calculators – Includes finding if you will qualify for a mortgage:
http://www.mortgage-x.com/calculators/Pre-Qualifier.htm
Closing costs comparisons by States: http://www.bankrate.com/brm/news/mortgages/ccrank.asp
Calculator to compute an estimate of the total cost of closing: http://www.myfico.com/LoanCenter/Mortgage/Calculators/ClosingCosts.aspx
In addition you will need to know a little about what to expect in the financial end of any transaction so here are some links that might help you understand that:
Real Estate Settlement Procedures Act (RESPA) [about closing costs & settlement procedures]: http://www.hud.gov/offices/hsg/sfh/res/respa_hm.cfm
Buying a home an article from AARP: http://www.aarp.org/money/wise_consumer/financinghomes/a2004-02-18-BuyingAHome.html
Then finally you might want to find out what types of loan assistance programs there are available to you to that end there are many links available but you should get started with these links:
List of all available Federal programs* http://www.govbenefits.gov/govbenefits_en.portal;jsessionid=FX2KrmkSYpQNWvJT5M5bCT8d6NfrbMGL2kWh01jgmGKD5HYmGYyj!-1747634320?_nfpb=true&_pageLabel=gbcc_page_locate_federal&_nfls=false
Finding out what benefits you are eligible for with the US Government*
http://www.govbenefits.gov/govbenefits_en.portal?_nfpb=true&_pageLabel=gbcc_page_questionnaire&_nfls=false
Lots of research but you can't go wrong with it.
Buena Suerte
2006-11-20 07:44:48 · answer #2 · answered by newmexicorealestateforms 6 · 2⤊ 2⤋
Well, the salary you need will depend on the price of the house you want to buy. On a $150,000 house, you can expect a mortage of about $900 per month. So you get the idea. It is better to save up some money (atleast like $10000 - 15000) and use that as a downpayment for the house, so that your monthly payment will be lower. Also, you will get more loans approved if you put a higher downpayment.
2006-11-20 07:21:49 · answer #3 · answered by arunhn 3 · 0⤊ 3⤋
Some lenders will now lend 5 times your salary. But there are plenty of other things to consider: how much deposit do you have etc? Go to an independent morgage broker to get some free advice - and don't over-stretch yourself! I am currently renewing my mortgage and found a great site that should help you: www.moneysupermarket.com. Good luck!
2006-11-20 07:21:55 · answer #4 · answered by adamseymourdavies 2 · 0⤊ 2⤋
the mortgage payment shouldn't be more then one-third (33%) of your income, some people are able to swing 50% but that's just nuts you'll be penny pinching for life. the 33% is the safe rule.
2006-11-20 07:28:46 · answer #5 · answered by manny 2 · 1⤊ 2⤋
Depends on where you are as home prices differ significantly. I think I heard/read that it's a good idea to spend no more than 15% of your total income on housing.
2006-11-20 07:22:23 · answer #6 · answered by Anonymous · 0⤊ 3⤋
Never pay more for house payment than one weeks salary...
2006-11-20 07:22:12 · answer #7 · answered by Anonymous · 0⤊ 3⤋
Fanny Mae can help you figure that out as well as other helpful tools when purchasing your first home.
2006-11-20 07:26:35 · answer #8 · answered by Anonymous · 0⤊ 3⤋
It depends on how much the house costs. If you make $30,000, you can afford a modest house. Probably a small one around $30,000 that might need some work that you could do yourself over time. The more you make, the more you can afford. Your bank can tell you how much house you can afford.
2006-11-20 07:21:15 · answer #9 · answered by Chula 4 · 0⤊ 6⤋
depends where you live and what price the property is
2006-11-20 07:37:23 · answer #10 · answered by james h 2 · 1⤊ 2⤋