2007-06-22 16:52:26 · 7 answers · asked by Anonymous in Travel ➔ United States ➔ Las Vegas
My old house cost $500,000 and I was only making $70,000. It can be done. my mortgague was appx $1000. a month.
You can afford this
2007-06-23 02:07:05 · answer #1 · answered by Michael M 7 · 1⤊ 0⤋
You can't unless you don't have any other debt and can still put some money away for emergencies.
I used to live in Reno and considered going back not too long ago (I make a bit more than you) and the housing market has just boomed there and I didn't feel comfortable trying to buy there now. The houses you could afford would be the bad areas too for the most part.
2007-06-23 04:34:31 · answer #2 · answered by Michelle 4 · 0⤊ 0⤋
They can't.
Divide your take home pay by one third.This is what you can afford to pay for housing. As a general rule you pay $800 for every $100,000 of cost of the house. Do not get a variable interest rate. Sooner or later that will burn you big time. Forget about interest only. This is never done with a fixed interest rate. (I don't think)
2007-06-23 05:16:02 · answer #3 · answered by eric l 6 · 0⤊ 0⤋
that's why the housing market is in the toilet with foreclosures. Mortgage companies have all kinds of tricks to get someone into a house they can't really afford. interest rates are going up now so it's going to be harder, but contact a mortgage broker or check out lendingtree.com, they have calculators to help you figure out what you can afford.
2007-06-24 07:22:02 · answer #4 · answered by littletricky 4 · 0⤊ 0⤋
Save for 8 years.
2007-06-22 16:55:39 · answer #5 · answered by sakotgrimes 4 · 0⤊ 0⤋
I do not think you can. I would go for a cheaper house. There are some very nice ones that are in the 100 thousands.
2007-06-23 00:58:17 · answer #6 · answered by LadyCatherine 7 · 0⤊ 0⤋
Because you pay it off over 30 years.
2007-06-22 17:09:13 · answer #7 · answered by kiwi_100 2 · 0⤊ 0⤋