What is the highest price home we could buy if me and my boyfriend making 800 a week with no money down?

Question

a range

My boyfriend's credit is pretty good

Answer 1

i would say in the ballpark of 100-140k....sounds like you make around 42 k a yr...

Answer 2

People won't usually sell you a house with NO money down. You might possibly get that kind of a deal from some home owner if they were willing to carry your loan themselves, often called a "land contract" arrangement. You would expect to pay a higher interest rate in that case, as the owner/lender is taking all the risk.

If your credit is very good, and if houses are selling slowly in your area, you might possibly get by with very little down by assuming an existing loan.

Some money will be required for closing costs. Also, remember that you will have regular tax and insurance payments to make.

Google "How much house can I afford" and you'll find some helpful sites. If you have no other debt and are not in an extremely high property tax area, the the old rule-of-thumb *used* to be that you could probably afford a house with a selling price of up to two and one-half times your annual salary. For you guys, that would be around $100,000. Some folks now use three times your annual salary as the top price - adopt this measure at your own risk.

Answer 3

NOt enough info here.
The salary is just ONE piece of the puzzle...the other is how much debt do you have?
if you both have great credit (pay on time no late fees etc) but you both have car payments and credit cards, your 800 bucks a week will be more like $200 bucks after you factor in your taxes and debts.

Talk to a mortgage company and get preapproved before you even look at ANY houses. This way you can decide if NOW is the right time to purchase your first home.


The rule of thumb that our lender gave us was that we could afford a home that was 2.5 times my annual salary....that was great to know since
there is nothing worse than finding your dream home and not being able to qualify!

When you start your search, the figures that they give you are principle and interest...with no money down you are going to have to pay mortgage insurance, homeowners insurance and taxes which will make your monthly payment increase.
Even if you dont have to put any money down, you will need some money to close the sale of your house. The money pays for your closing cost and your escrow account money. My husband used his VA loan to close with no money down but there were still costs associate with the closing. Start now putting some money in savings. If you are getting money back on your tax return, consider banking the entire amount for "hidden" closing costs

Answer 4

Its usually hard to buy with no money down. However it can be done. Lets start with your mortgage payments to figure out how much you can finance. Say you finance 100,000 at 6% interest for 30 years. Your payments will be about $600/month. If you have decent credit you should be able to get this loan. You may even be able to finance up to 140,000, which would make your payments $840, or $160,000 - $960/month. However I would look at buying something in the 80,000 - 100,000 range and pay it off earlier than the 30 years.

If you are a first time homebuyer you can sometimes find banks that will give you the loan with only 2% down. This means you pay 2000 and finance 98,000 on a 100,000 home.

The only way you can buy with no money down is if you find a home that is appraised for more than the selling price. This is hard to do but sometimes people just want to sell the property quickly so they sell it for less than it appraises for. Its best if you just plan on saving for a down payment though.

Lots of factors come into play, such as your credit and how much debt you are in right now. If both of you are paying $400/month car payments and have credit card bills you are going to need to look at houses under 100K. My personal rule of thumb is that the mortgage payment shouldn't be more than 1 week's pay after tax.

http://finance.move.com has a calculator.

Answer 5

With the information given... the range of how much home you can buy is ..... somewhere between ..... zero and $180,000.

No loan officer can answer this question with any more accuracy than this, only knowing $800 per week (gross? net? verifiable on W-2? employed for how long?) and boyfriend's credit is "pretty good".... (750 good? 575 good?)

Don't know - your credit, time on jobs, how much of that $800 is taxed, what state/county you live in (to figure tax and insurance escrow), how much debt you have. The answers to these questions will narrow the zero - $180k range.

Here's a plan for you:
AFTER you are engaged, and have set the date, start your loan qualifying. Also, set up a bridal account for your down payment. Talk to a loan officer that does FHA loans. This way, people can give $ as a wedding gift to be used as your down payment for the house that you and your HUSBAND will have.

Answer 6

That would depend on what your credit scores and job histories are like. Your interest rate will also be pretty important as it can make your payment much higher or lower. Taxes may be a factor...insurance...etc.

Answer 7

www.dinkytown.net has lots of mortgage calculators. You can play around with them and get a ballpark idea of what you can afford.

Answer 8

Depends go to an agent they will steer you to a house you can afford. They will qualify you.