2007-02-03 10:51:26 · 10 answers · asked by haribol2003 1 in Business & Finance ➔ Personal Finance
Ok, all the answers so far say no, but i'm here to tell you yes...My wife and I make 64,000 combined and bought a 354,000 $ house. Our payment is 2000 a month And have plenty to spare at the end of the month. Work with your mortage broker on the % and rate. If its your first home there might be some trouble if you can't put 10% down. But honestly, you can do it...
2007-02-03 11:02:24 · answer #1 · answered by Aaron F 1 · 1⤊ 1⤋
If you are making $50K a year, you must be smart enough to realize that a mortgage lender is going to try & talk you into the largest possible loan (more interest for them) they can qualify you for.
If you are smart, you will find a $100,000 house, live on $25K a year, and pay the mortgage off in 4 years. Then sell the house for $150,000, and use that cash to put a 50% downpayment on that $300,000 house you think you want.
2007-02-03 20:48:07 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You'd be broke on a daily basis trying to meet the mortgage payments.
2007-02-03 18:56:54 · answer #3 · answered by cartiphilus 4 · 0⤊ 0⤋
Do you have any other debts? If you do, pay them off before buying a house.
Also- you shouldn't spend more than 25% of your take home pay on house payments.
2007-02-03 20:27:31 · answer #4 · answered by Jen G 5 · 1⤊ 0⤋
No....you will be paying for the house for the rest of your life...The banks are going to be raking in your salary in interest payments forever....
2014-10-18 20:51:25 · answer #5 · answered by ? 3 · 0⤊ 0⤋
It really is more important to know how much debt you have.
If you do not have any savings, where will your dowpayment
come from? If you spend more than you earn, you can't afford
a house at 30,000
2007-02-03 18:58:45 · answer #6 · answered by cheyenne 2 · 1⤊ 0⤋
Probably not. Unless you want it to be just you in the house. No furnature. Or basically anything else.
2007-02-03 18:59:25 · answer #7 · answered by Jade S 3 · 0⤊ 0⤋
Sorry. Most banks don't give 100 year mortgages.
2007-02-03 19:00:06 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Barely- but you definitely won't be able to afford to retire, ever.
2007-02-03 18:54:56 · answer #9 · answered by Katie 4 · 0⤊ 0⤋
Only if you have $150000 for the down payment
2007-02-03 18:54:44 · answer #10 · answered by DB 3 · 1⤊ 0⤋