i make 25,000 a year what price house i should be looking at?

Question

im a first time home buyer

Answer 1

If your credit is average or around average here is a simple formula you can use...


Take your income and multiply it times 2.5 and then add your down payment to that. So if you can put 10k down, you would be looking at a property around 72k as an estiamate. Most likely you could go a little higher then that though, but 72k is a good ballpark figure. Now if you are buying the house with someone else as a co-signer you should combine your income and do the same thing.

I would wait until you have a co-signer or until your income pops up a little bit before looking to buy a home.

Answer 2

No more than 20% of your income should go to housing. So, $5000 per year on a 30 year loan including interest would probably be around 50-60k (as the price of the house).

Answer 3

many banks have programs for first time home buyers. ask a local agent thru the telephone.
the houses are expensive now a days, so u need every advise u can get on different ways.
another way is to ask for the forclosure lists, and if they tell u - the realtors- that they dont have such a thing. move on.

Answer 4

2-3 times the yearly income is the general rule. You could look for a higher price if you have a sizeable down payment.

Answer 5

Make sure that you can afford the payment with just your check, if you combine incomes and something happens, then you are screwed because you cannot afford it on just one income. Dont forget about yearly property taxes, gas, electric, water/sewer, cable, internet, phone (or you can just use your cell), groceries, and any bills (credit card payment, car note, insurance, cell, school loans) you might have each month without a mortgage.

Answer 6

ONE MADE OUT OF CARDBOARD