2006-12-05 14:45:46 · 12 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
If you are not up to your ears in debt, and have good credit you could qualify for somewhere around 450,000$. With a fixed loan that would be around 3000 to 3500 a month on your mortgage. Since you get to write the mortgage payments off of your taxes, you will actually be bringing home more money than you are now. If you are bringing 10%-20% as down payment you could get even more. I would not reccomend it, but you could.
2006-12-05 15:03:17 · answer #1 · answered by Ron B 3 · 1⤊ 0⤋
I don't know what part of the country you are looking at but most mortgage outfits reccommend you not pay more than three times your annual income, so yes, I think you can buy something reasonably "decent" for that for a family of four. Keep in mind the housing market may be bottoming out, so it's a gamble how much longer to wait but should be a buyers market, again depending on where you are looking, but it's an issue if it's the location of the job that determines where you live, most people try to get a commute of an hour or less one way to work.
2006-12-05 14:56:47 · answer #2 · answered by theshadowknows 5 · 1⤊ 0⤋
Sure is. I live in New Hampshire, about an hour North of Boston, with train service to Boston and Portland Maine. Homes here range from about $150,000 and up. 87K would afford some of these.
The only thing to consider is if the 87K is split between both, a pregnancy could cut this back. Also, simply moving may alter the pay scale as well. You really need to consider what your earning capacity is in the location in which you intend to move. Base your ability to afford on the location you are seeking.
2006-12-05 14:57:25 · answer #3 · answered by Deirdre H 7 · 1⤊ 0⤋
absolutely. Just save your money for a bit. You can find some really nice houses in excellent areas for only about 100k. You are ofcourse going to have to search in cities that aren't that big and maybe your house won't be that close to the city. I currently live in a 100k house that comfortably holds 4-5 people with ample space all around and about 1 acre of land. It's just a matter of looking in the right places. You'll find that houses in the midwest will be a lot cheaper then houses closer to the coast. Happy house hunting.
2006-12-05 14:50:26 · answer #4 · answered by Kiko 3 · 0⤊ 0⤋
Yes, it depends oin the area. My family lived in St. Louis MO, and we could not afford a house. We were able to find on in ST. Louis County, in an area called Ferguson. The area is decent, and we got a 4 bedroom, 2 baths, 2 floors for 85,000! I still miss south city st. louis, but I still live close enough to the city to get their in 20 mins. I can walk around at night with out being scared.
2006-12-05 14:54:55 · answer #5 · answered by quest 4 · 0⤊ 0⤋
you've given us 1/2 a narrative why do you opt for to leave and how previous are you. employ £425,in line with month costs £100pm, television £35 pm, amenities water electric powered and gas £80pm, Groceries 3 human beings £360pm outfits £100 and fifty in line with month, Toiletries and cleansing, £75pm coverage £25pm entire operating fee of residing house and persons foodstuff and outfits common £1250 in line with month more advantageous once you've a loan this is this pertains to £15000 in line with 365 days, the alternative is you all get finished time jobs that may strengthen your income to £39k in line with 365 days and then you should discover the money for it, I advise you stay including your acquaintances grant to do more advantageous around the residing house and pay your board on time and frequently one and all will be happier then and also you wont ought to leave. this is not recommended to percentage a house in this way, your sister ought to get pregnant and favor the area or she ought to fall out with the present boyfriend or heaven forbid both, once you've a situation imagine imagine imagine?
2016-11-30 04:57:32 · answer #6 · answered by mrotek 4 · 0⤊ 0⤋
yes if you have decent credit.
I am single, great credit under 40 and about 30,000 and still got a 150,000 3 bedroom home
So it depends on what price a decent homegoes for in your area.
150,000 here is a very nice home, In California 150,000 may not buy a shack in some towns
2006-12-05 14:49:45 · answer #7 · answered by G L 4 · 0⤊ 0⤋
Of course. It just depends on your definition of "decent" and what area of the country you are talking about. With that income, you have a lot of possibilities.
2006-12-05 14:54:44 · answer #8 · answered by Anonymous · 0⤊ 0⤋
i think so. the general rule i've heard is that the most you should spend on housing is 30% of your annual income, which would be 29k or 2,400 ish per month. that's plenty to cover a mortgage payment in an okay to good neighborhood.
2006-12-05 14:51:24 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Yes, in Georgia, and the weather is not too extreme....other states too.
realtor.com
Income has nothing to do with qualifying for a mortgage, and check with your local banker where you have your checking account to see how your credit rating is (you can also check with the credit bureaus yourself). Your bank can help you qualify for a mortgage, and let you know about closing costs.
They have an interest in keeping you happy.
GOD bless
2006-12-05 14:49:22 · answer #10 · answered by May I help You? 6 · 0⤊ 0⤋