Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Instead of going to a bank and finding this out, i figured first it would be easier to just ask on here to get an estimate of what I could afford. I gotta move outta my parents house already, (late 20s) , I want to find a nice house that doesnt require alot of work once it is bought. I am trying to figure out right now if its best to try and rent a nice apartment (which are about 1200-1300 per month) or to see if I could afford to buy something. I am basically looking in the seaford/wantagh/bellmore/merrick/levittown/bethpage/farmingdale/massapequa area , I have about 45k to my name, no loans or anything, excellent credit, and I make 65k per year. What kind of house or mortgage could I afford with that kind of money? Also should I be looking at like foreclosure houses for better deals?
If you use a downpayment of $30K, keeping $15K for closing costs and unforseens, that would be 20% of a $150K house price. 20% means easier to get a mortgage and no PMI. That leaves you with a $120K mortgage which you could comfortably pay on a $65k salary.
If you use a downpayment of $30K, keeping $15K for closing costs and unforseens, that would be 20% of a $150K house price. 20% means easier to get a mortgage and no PMI. That leaves you with a $120K mortgage which you could comfortably pay on a $65k salary.
what the hell could I get for 120k on long island though ???? That is all i could afford really?
what the hell could I get for 120k on long island though ???? That is all i could afford really?
A condo. Whatddya expect - you earn $65k.
You could go the other route get a FHA 3.5% downpayment plus MPI and maximal mortgage and then be a prisoner in a depreciating asset if you want, that option is also available and popular.
Here's some calculators to help. Also figure out your income/expenses and see what you are left with and than estimate expenses of owning, such as heat, electric, food, etc....
You might be interested in looking for a condo, but the maintenance fee can often leave you paying similar for a small home.
You might be better off renting till you either make a bit more salary, or find a friend, girlfriend, wife to move in together and purchase a home together. Two income more doable and opens up available neighborhoods that you’re priced out of at your salary.
Look in towns such as Copiague and Lindenhurst; you should be able to find homes for foreclosure or some in poor shape or homeowner looking to sell in the lower $200’s.
Possibly search these neighborhoods and use the calculators above to see what mortgage you can afford, than go to a bank to get approved for a home price and property taxes that you see. Most likely $200k max and taxes $7K max. Look into FHA or state aid loans, as you can get ‘free’ money for your income level and put down less. Avoid banks that will make you just pay to get pre-approved. There’s banks that will do it free of charge.
Best of luck.
BTW - the home price would be 150K, not 120K.
The $120K is a mortgage. If you're paying 30K of a $150K price in cash, then you only need to mortgage 120K.
If you use a downpayment of $30K, keeping $15K for closing costs and unforseens, that would be 20% of a $150K house price. 20% means easier to get a mortgage and no PMI. That leaves you with a $120K mortgage which you could comfortably pay on a $65k salary.
at his income he can probably keep all that money, show some retirement accounts indicating he has 6 months payments in them and get $10K grant from the State for his income level to put towards a down payment if he stays in the home for 10 years. That leaves no money down, a low interest rate of 4% and a home around $200-$250K with a mortgage and taxes being roughly $1,900/month.
There's homes out there in ok neighborhoods for those prices, even in good neighborhoods, you just need to be patient and search them out. Plus willing to live in a house that needs LOTS of work.
what the hell could I get for 120k on long island though ???? That is all i could afford really?
There are 2 bedroom co-ops available in Farmingdale for around 100K. Otherwise your looking high 100Ks in the areas you mentioned for condos.
You have to weigh the pros and cons of owning versus renting. Your montly payment will probably be more with buying, factoring in taxes and common charges it could be significantly more. You have to decide if it is worth if for you..how long will you stay on LI?
BTW - the home price would be 150K, not 120K.
The $120K is a mortgage. If you're paying 30K of a $150K price in cash, then you only need to mortgage 120K.
First of all, you're asking a bunch of strangers on the internet to tell you A) how much you can be approved for and B) how much house you can afford. on a non-finance board as well.
I don't think this is the best way to go about it. I think you should sit down with your expenses and do a budget on your out flows currently and use an estimate for utilities and other costs that you don't currently have. the figure out how much you cna budget for a payment.
then go get preapproved from a bank or two, see if they will agree to loan you the money and factor in taxes and insurance.
I think 150K for a house on 65K is low. never mind that there isn't anything for 150K out there really.
I think realistically (just guessing) you're looking at a condo or small house somewehre in the 200s unless you're planning on a roomate or two, which isn't a bad move, IF you can get one that is stable, and will pay every mmonth
I also have a question about renting with a roomate, if me and someone else found a house to rent, do both of our names go on the Lease? Like is one of us specifically responisble for half the rent and the other is responsible for the other half? What im trying to ask is say for example me and a friend find a nice house to rent for 2000 a month and sign a year long lease, but for any reason in a few months he decides he cant afford the place anymore, if he decides to leave, am I stuck paying the full rent bill ? or is he somehow legally obligated to pay ?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
