2007-05-22 09:52:43 · 7 answers · asked by miklo 2 in Business & Finance ➔ Renting & Real Estate
If you can afford rent you can afford a house. Especially with First Time Home Buyers loans. I bought my house when I was making 6.25 an hour and had two kids, it saved me 100.00 a month in rent for twice as much square footage, however, be ready for maintenance and decide if you want that responisbility. I put 50.00 a month in the bank for the first couple of years so if my heater broke or something I would have money to repair them.
2007-05-22 10:01:34 · answer #1 · answered by Heather K 1 · 1⤊ 0⤋
Im going with Janets response. Im coming up with about 100K as well.
One thing you have to know this is based totally on us not even knowing your debt. Thats assuming your house payment is your only payment. You can have a few small bills but nothing major.
When 100K is mentioned that would assume maybe 3-5% down and its not a condo or town house. The reason being is the HOA (home owners association) That will be a huge amount in most places and will drastically drop what you can buy.
FHA no longer does ratios if its underwritten by DU or LP (mortgage terms for a computer). If it has to be underwritten by a human they will usually stick to 33/41 (33% of your payment to your house 41% total, house and all other payments).
I hope this helps.
2007-05-22 10:19:47 · answer #2 · answered by financing_loans 6 · 0⤊ 0⤋
That would really depend on where you are located. In CA I don't think you would afford to eat, let alone own a home. However there are parts of the country where housing is less then 100k. As your income is very low I think you likely live in an area like that. Your LOCAL real estate professional will be able to give you a correct answer.
2007-05-22 10:00:45 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Depends on where you live. Check out www.zillow.com. It shows the avg. home costs for certain areas. But I will have to say that if you make 23k a year and are wanting to buy, you are looking at very remote places that only a handful of people have heard of and where taco bell is considered fine dining.
2007-05-22 12:20:29 · answer #4 · answered by ohnoslen 3 · 0⤊ 0⤋
1) depends on how much you have for down payment
2) no down payment you can only afford $50,000 town home
3) you can try southern state like TN, OK, MI or may be texas, but not CA, NY and etc.
4) Buy old house and fix it up or bid for forclosure house and or go to your county and bid for taxes forclosure.
2007-05-22 10:03:16 · answer #5 · answered by aimee53077 2 · 0⤊ 0⤋
I'm sure you could get a nice trailer in Arkansas on $23K a year. Good luck.
2007-05-22 10:00:27 · answer #6 · answered by Ronin 4 · 0⤊ 1⤋
Mattel makes a few cute little ranch style homes.
2007-05-22 10:02:01 · answer #7 · answered by Daniel T 4 · 1⤊ 2⤋