I make 450 a week? could I ever buy a house or condo? Can i get an estimate on how much I could afford?

Question

no bad credit

Answer 1

Absolutely. It depends on how much debt you have and what the prices are in you area. Find a good mortgage consultant to help you go through the steps to find out what you can qualify for.

Good rule of thumb for payments is $625-$700 per $100,000 borrowed. That's of course depending on credit, debt to income ratios and loan to value on the property.

Answer 2

You can get qualified for a lot more than you can comfortably afford. I make $1000 per week before taxes. After my insurance and 401 deductions I take home $700 per week. That is a big difference if you add it up over 4 weeks in a month: $4000 vs. $2800. I have a $150,000 mortgage with no PMI and including property taxes and insurance it is $1100 house payment per month. If you are talking take home pay of $450 per week or $1800 per month, I would not recommened buying a house right now.

Answer 3

the living house!! i understand that's greater, yet paying for a house in itself has to possess rewards. as long as you have adequate money it, then choose for it!! I being a house proprietor and then a renter could choose a house over an condominium any day. listed under are some motives, i'm a unmarried mom with 2 toddlers, they are youthful, yet I actual have been searching for a house by means of fact i could like my very own area, i want to be waiting to have a backyard, animals, a place to be waiting to entertain people. Having a house potential greater effective living rooms, bedrooms, a storage, issues that condos and residences have not got. merely look at some large reward of each and every, i'm particular you will see that the living house out weights the apartment. i understand i could choose a house over a apartment and actual once you get it paid off meaning merely that extremely extra money on your pocket, to not point out you would be living in it for awhile and do you prefer to deliver your first toddler or in spite of living house to a apartment or a house??? i choose the living house!

Answer 4

Everyone's given you good answers. Now you have to plug in your own numbers. And you have to say where you're looking for a house. I'm in California, where the median house is in the $700K range. If your mortgage is in that range, you're looking at monthly payments of $3700 with an excellent rate.

I've been looking for real estate in other parts of the country. In the midwest, I've found a complete home for $36K. A mortgage of $30K will result in monthly payments of about $160/month. So, with these different markets, I'd say the answer to your question is "Not in California but easily in Minnesota or Wisconsin."

The other answerers here have given you good advice. All together, you've gotten good answers. Good luck!

Answer 5

As a loan officer, I look to the FHA standard of 31%/43% for basic qualification..What this means is max 31% of your gross income on housing (principal, interest, taxes, insurance) and max 43% of your gross income in total debt....this 43% does not include utilities, groceries, etc.--It includes credit card payments, student loans, or auto loan. Depending on the cost of living in your area and what you currently pay monthly in rent I would make further suggestions accordingly. Also, Condos sometimes have significant Homeowners assoc dues due monthly, quarterly which could make a significant difference in your total housing payment also.

Answer 6

Of course you can purchase a home or condo. Lots of websites offer calculators that will compute your income and debits to determine what you can afford. Check on some real estate websites in your area or lender sites in your area. Also any agent or lender will be happy to pre-qualify you.