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Old 06-23-2009, 08:03 PM
 
Location: Troy, NY
33 posts, read 73,441 times
Reputation: 13

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I may relocate with a wife and two kids to the area. We would only net $2,000 per month.
Our hopes are to find a house under $100,000 in a family oriented, safe neighborhood.
Could we make it on $2,000 a month?
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Old 06-23-2009, 09:55 PM
 
Location: Clermont Fl
1,715 posts, read 4,776,058 times
Reputation: 1246
Quote:
Originally Posted by christosNY View Post
I may relocate with a wife and two kids to the area. We would only net $2,000 per month.
Our hopes are to find a house under $100,000 in a family oriented, safe neighborhood.
Could we make it on $2,000 a month?
I am not qualified to answer that but good luck
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Old 06-23-2009, 10:01 PM
 
Location: Troy, NY
33 posts, read 73,441 times
Reputation: 13
it's a tough one.
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Old 06-23-2009, 10:11 PM
 
Location: Championsgate, Fl
986 posts, read 3,549,070 times
Reputation: 291
To be honest, to find a home in a family friendly community for $100,000 and under is unrealistic to be honest. But to assist you you need to give us more info. The $2000 you have per month, as that for mortgage, HOA utilities food etc or do you have other payments which need to come out of that such as car payments credit cards?

Also how big is your family, how many children, where will you be working as you have to factor in Gas aswell.

There are many variables, would a townhome be adequate or only single family homes and what size in terms of Sq footage and number of beds and baths.
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Old 06-24-2009, 03:50 AM
 
26,585 posts, read 62,020,627 times
Reputation: 13166
Unless you've got a large downpayment, I don't see you getting a mortgage on a $100K home with an income of $24K a year.
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Old 06-24-2009, 07:45 AM
 
Location: Asheville, NC
12,626 posts, read 32,046,770 times
Reputation: 5420
It can be done. You just have to budget and be frugal. I have 2 kids and we've done it before. There are deals out there now on homes. Like the OP said, maybe a condo. There are some really nice condos, if you have cash, in Lake Mary. Great schools and safe neighborhood.
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Old 06-24-2009, 08:32 AM
 
26,585 posts, read 62,020,627 times
Reputation: 13166
$100K house, 5% down = $95K mortgage.

Monthly:

P&I = $569.57 @6%
PMI = 61.75
Taxes = 200.00 est.
Homeowners Insurance = $150 est.

That's $981.32 before the potential for flood insurance and/or homeowners association fees. I highly, highly doubt anyone is making that loan, unless the borrower has a super high FICO and adequate reserves.
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Old 06-24-2009, 09:42 AM
 
Location: Altamonte Springs, FL
2,168 posts, read 5,051,693 times
Reputation: 1179
Foreclosures are your only hope. There are some townhomes and condo foreclosures going for under 100,000 in good neighborhoods though. I know because there are some in mine in Maitland. The interior might be in bad shape though since these idiots decide that they should steal everything rather than live up to their promises. I agree with annerk, though, that it would be a stretch. Sounds like you'd have to find a 50K (or less) foreclosure and fix it up. Can you rent instead of buy?
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Old 06-24-2009, 10:03 AM
 
26,585 posts, read 62,020,627 times
Reputation: 13166
Just be careful with a condo foreclosure that it's not one of many so you don't have an insolvent HOA.
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