How much house can I buy w/ $30K-$40K? I need some rough estimates, I'm from the northeast and housing prices are very inflated.
2007-04-10 18:05:52 · 10 answers · asked by Answer Girl 2007 5 in Business & Finance ➔ Renting & Real Estate
Sorry, I forgot to add. That is the amount for the Downpayment.
2007-04-10 18:13:23 · update #1
That's a fairly broad question but I'll give it a shot.
Assuming you mean $30k to $40k gross annual income, let's split the difference and call it $35k. That equates to $2,917 per month.
As a general rule of thumb, your total debts can't be more than 50% of your gross monthly income, or $1,458. Let's assume your other debts (auto, credit cards, student loans) are $500 per month. That leaves $958.
Using another general rule of thumb, your monthly PITI will be about 1% of the loan amount. So with $958 for PITI, the amount you qualify for would be about $95,800
2007-04-10 18:15:18 · answer #1 · answered by Fearless Leader 4 · 0⤊ 0⤋
Butterflyspy may be just a bit too judgemental, I wonder where she lives.. You have a good amount for a downpayment, but many other important factors come into play. What is your annual income, and how is your credit? That is what qualifies you for certain rates and terms. And depending on where you are looking in the northeast. I live on Long Island, and houses go anywhere from $200,000 to in the millions. There is the FHA program available which is not credit score driven and requires only 3% down, so a home for $800,000 only requires a down payment of $24,000. Some trailer, huh!! Your income will determine what you can sustain monthly. You can email me at thenderson@acgmoney.com and I can get you a pre-approval letter based on your information.
2007-04-13 09:38:30 · answer #2 · answered by novastarbanker 3 · 0⤊ 0⤋
Pretty much anywhere, that won't buy much - maybe a small house, probably in not real good repair, in a less than desirable area or a very outlying area. In high-priced areas, there probably wouldn't be anything available at that price.
I just looked at a major realtor site in a town I'm familiar with in rural PA about an hour from Pittsburgh - there are two houses for sale in that range. One is 2 bedroom, and I don't know its condition - the other is 3 bedroom but in poor repair.
2007-04-10 18:19:42 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
You might just get a piece of land for that kind of money, but will not able to buy a house here is Canada, in many big cities. There are like half a million dollars now. Housing market is too hot and too high right now. Unless you move to Manitoba or Saskatchewan and might get a very cheap house.
2007-04-10 18:16:06 · answer #4 · answered by Anonymous · 0⤊ 0⤋
In most states you have to put as much down payment as possible. If your town is able to fund a good loan for you and you can place 3% down and qualify, you will still have a down payment which may be sizable depending on your income. Call a local realtor for help. I live in los Angeles so you can't buy anything-go to a real estate agent or mortgage site and most have a calculator to estimate payments..
2007-04-10 18:14:44 · answer #5 · answered by city girl 3 · 0⤊ 0⤋
A trailer is about all you can get for that, or a 1 bedroom apartment in a midsize city.
2007-04-10 18:09:50 · answer #6 · answered by justbeingher 7 · 0⤊ 0⤋
you should get a trailer oh I forgot you wont befreind a person who lives in a trailer.I feel so sorry you! I bet you have never had a day of fun in you life. Ive seen beautiful trailers!Your so low class.
2007-04-12 17:40:08 · answer #7 · answered by butterflyspy 5 · 0⤊ 1⤋
houses in detroit are selling for as low as $7000 and that is including the land!
2007-04-10 18:13:52 · answer #8 · answered by Anonymous · 0⤊ 0⤋
I may be able to help! SDhoot me an email to msmith@premierloangroup.com, and let's chat!
Marty
2007-04-11 03:11:02 · answer #9 · answered by Anonymous · 0⤊ 0⤋
HOw much can you afford to pay each month??
2007-04-10 18:14:33 · answer #10 · answered by chvygrl 2 · 0⤊ 0⤋