$30,000 per year income, 10,000 in the bank, (don't want a downpayment, don't have any debt, fico score 650.
Could I get a home around $180,000?
2007-03-20 08:53:11 · 4 answers · asked by gg 7 in Business & Finance ➔ Renting & Real Estate
Doesn't sound like it. Here's the rule:
You can afford 30% of your gross income, or in your case $750 per month for your housing costs. That includes taxes and insurance.
Use a reverse mortgage calculator, i think you'll find you are looking more at the 110-120,000 range.
If you get into a more aggressive loan, you are asking for trouble. Sub-primes (that's you) and ARM's are causing lots of people to go into foreclosure and bankruptcy these days, don't be one of them.
Finally, disregard anything a realtor tells you, they are all liars looking to make money off of you. They couldn't care less about what happens to you down the road.
2007-03-20 09:02:12 · answer #1 · answered by gw_bushisamoron 4 · 0⤊ 0⤋
That's going to be a stretch, It is possible if you do an intrest only loan. Don't be scared of this, it is a good vehicle especially if you are in an area where property values are going up. you can do a longer term loan and get more house say a 45year or more loan, but chances are you don't want to be in this house for more than 5 years (the national average).
Look into getting an interest only loan, they may want some oney down but depends on the apprasil report
Good luck,
Palmer
2007-03-20 16:05:03 · answer #2 · answered by Question Guy 1 · 0⤊ 0⤋
Look at the home for 180k rang do not overspend and just offer what you can afford. Sound like 120k would be about right for you so just offer 120k and see if they bend, there are a lot of defaults out there and if they got the home over six years ago and did not take out all there equity they might sell.
Hear is why you can and should low ball, you not realy low balling your go to what the real value should be. http://www.breakingbubble.com/
Best of luck
2007-03-20 17:27:07 · answer #3 · answered by Anonymous · 0⤊ 0⤋
This would definately be a stretch. A lot depends on what the property taxes and fire insurance are on the home and where it is located.
With more information I may be able to help you look at your options. Feel free to email me.
2007-03-20 16:57:27 · answer #4 · answered by mazziatplay 5 · 0⤊ 0⤋