I live in the California bay area. Almost no house is under $600K now.
About me: I make $85K - $90K per year. My wife is a student. She has full scholarship and can support herself. She is expected to make around $100K after she graduate, That probably will take 2-3 years. I cannot count on her now.
Our current Fiancial Status
Savings: I have $120K Cash and $25K in 401K (I think I can loan it out)
Expenses: Currently $1000 Rent. $60 Cell Phone. No car payment or anything.
Here is the tought questions: Can I afford a $670K house? If I cannot, I may need to consider rent few rooms out to generate revenue. How much do I need to generate? How much downpayment do I need? Is there a tutorial or guide about buying a house? I never bought a house before.
Thanks for your help.
2007-03-05 18:39:42 · 4 answers · asked by zephyrs 2 in Business & Finance ➔ Renting & Real Estate
No you can't. Not without taking a lot of risks.
Your payment on a 30-year conventional (assuming 100k down and 6.5%) would be more than $3500, with property taxes, probably more than $4500. You make $7500/month. No bank will deal with someone paying more than 50% of their income for their housing.
Once she graduates, maybe.
2007-03-06 07:05:13 · answer #1 · answered by Quixotic 3 · 1⤊ 0⤋
Yes you can afford it. There are many products out there from interest only to 50 year mortgages. If your credit is in line you should have no problem. Don't cash in your 401k retirement. As far as a tutorial, I think you would be better off getting a good loan officer working for you. I recommend Hamlin Mortgage. They do business in 48 states and specialize loans such as yours. They can walk you through the process. Take 30 seconds and fill out the free evaluation form at the source website and a Hamlin loan officer will contact you within 24 hours. Good luck.
2007-03-06 01:11:01 · answer #2 · answered by CALIFORNIA GOLD 3 · 1⤊ 0⤋
I would have to crunch some numbers when I get into my office but I'm pretty sure I could help you out. I'm a loan officer for a mortgage lender/broker. Send me an email at anjones02@yahoo.com and I will see what I can do for you.
2007-03-06 00:01:40 · answer #3 · answered by Amber J 2 · 0⤊ 1⤋
THATS A LOT OF HOUSE...
2007-03-05 19:29:29 · answer #4 · answered by cork 7 · 0⤊ 1⤋