if i am a single mother and i make about 2500 a month what is a price range of a house or a mortgage price will i be able to afford
2006-12-27 08:39:19 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
It would depend on your down payment. More details please.
2006-12-27 08:41:31 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Don't go over 150,000 with some down payment or no more then 130,000 with 0 down. Depends also in what state you live as prices for the house can vary. I live in Ohio and here for the house of $110,00 you would pay about $1000 or little less per month (including ins+mortg+interes+tax+pmi) This is mortgage with 0 down.
If you're in Ohio are call me if you need help 440-971-5600 if not in Ohio i might help with referencing a realtor in other state.
2006-12-27 08:47:14 · answer #2 · answered by Zora 1 · 0⤊ 0⤋
residences and condos could properly be sturdy investments, based on the region and in case you desire to stay in a similar place for the subsequent 15 years.. additionally condos carry "residence expenditures" this may well be everywhere from $50 money a month to $3 hundred in line with month. you besides could could evaluate the encircling acquaintances, etc. it somewhat is lots harder to sell a residence/apt extremely than a known domicile basically because of the fact they're so definative. human beings somewhat could love the placement, because you cant do lots so some distance as redesigning is going. a house you have room to knock out a wall or escalate a room, no longer in a residence or house often. so some distance as getting money is going, if its in a brilliant region that rents out apts and condos alot you would be in some success, yet dont assume to instruct this place in 5 12 months for a 20% earnings. wont take place.
2016-10-28 12:06:26 · answer #3 · answered by Anonymous · 0⤊ 0⤋
That depends on your other obligations (car payments, credit debt, etc). One strategy is to consider your monthly payment to be 1/4 of your monthly income. If $2500 is what you earn, then $625 is your target mortgage payment. What this ends up being for a sale price depends mostly on your credit and down payment. But if you have average credit and no down payment, you are probably looking at $80-110K range.
2006-12-27 08:43:11 · answer #4 · answered by CPT Jack 5 · 1⤊ 0⤋
At that price I recommend saving up a downpayment of about 10000 and putting it down on a house. It wil be worth more in the end and will be easier to sell. Condos are more maintenance. You will be looking at around 800-900 if you have the downpayment on a $200,000 house. Good Luck!
2006-12-27 08:42:31 · answer #5 · answered by DJ C 4 · 0⤊ 0⤋
The general rule is that your house payment should be 25% of your monthly income. Once you figure out how much you can afford to pay a month, then you can work out how much you can afford as to purchase price.
2006-12-27 08:41:27 · answer #6 · answered by jseah114 6 · 1⤊ 0⤋
30K a year? I hope that's net pay and not gross pay. Anyway, a good rule is to pay as much for your home as 2 and 1/2 years salary. In other words you can afford a $75,000 mortgage. Sorry.
2006-12-27 08:55:23 · answer #7 · answered by Anonymous · 0⤊ 0⤋