my monthy income bettween huband and i are about?

Question

2800 a month. do you think we can afford a home of our own. i currenely share and i am going crazy and need a place of my own. If so about how much will the home have to be. lets say we buy a home for 140,oo0 and the payements are ? how much taxes are put on to that?

Answer 1

My loan is for 160,000 with taxes & insurance, the payment is $1,100. Base the amount you can pay per month off of what you are paying for rent right now.
Make sure and set aside some cash for painting the house, furniture, unexpected surprises. Get an inspection before you sign the papers!

Answer 2

140,000 at a 6.250 30 yr fixed rate (FHA rate) = P/I is 861.98 not including property taxes and home owners insurance. Property taxes are based on the area the home is located in. A good estimate is add 80.00 for taxes and 60.00 for homeowners ins. so your total payment would be 1001.98. That is not including MI on the FHA loan. You could get a 100 percent loan, and not have MI included, the rate would be slightly higher. Talk to a mortgage broker - Why talk with a broker? A broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) FHA/VA approved too. If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home &/or refinancing, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.

By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). The GFE will tell you the up-front closing cost associated with your loan. The TIL will tell you the terms, rate associated with your loan. This is a estimate only - not the final - but it does help you figure things out

It greatly depends if you need help with closing cost, (The seller could do Seller Help toward your closing cost). If that is the case, I normally tell my clients NOT to hackle over the price, since you are asking for closing cost help - especially if the home is thru a realtor, and the seller has to pay the realtor their fee which runs from 3-6 percent of the selling price, and you ask for 3-5 percent toward closing cost -assistance) Follow me so far?? You may find a For Sale By Owner, they are sometimes more willing to help you with closing cost(s) associated with your loan, since there is no realtor fees.

Answer 3

140000 would be about the top end of what you can afford. Everything else being eqaul, you can ussualy afford up to about 4 times your yearly income. So that would be just under 140000.

Your motgage would be somewhere around 1000 then another 200/ month in taxes and maybe 50 in insurance. So figure somwhere around 1250 home payments per month. Which is 45% of your monthly income. Most banks allow that. But alot will depend on your credit score and down payment.

Answer 4

You can't afford a 140,000 home on 2800 a month, a house paymnet would be around 1200-1500 depending on the interest rate, taxes depending on the size of the property can run from just a couple hundred a year up to $1,000. You will have to account for the bills also like:
Electric, water, sewer, garbage, phone, groceries, medical, and emergencies (for example a plumber, or electrician). I would consider a home around the 65000 to 85000 mark or consider purchasing a manufactured home.

Answer 5

Assuming you have no money down, and decent credit, a 30 year fixed rate insured 100% loan, with taxes and insurance, would probably run you $1150-1200 for a $140,000 home. Could be slightly lower or higher based on taxes and insurance in your area, but that should be a good ballpark.