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Old 07-20-2011, 11:39 AM
 
867 posts, read 1,371,729 times
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Quote:
Originally Posted by Vlajos View Post
Not sure buying a house on $35K makes much sense.
It could, provided that his new wife bring home something comparable or better.
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Old 07-20-2011, 06:10 PM
 
Location: Chicago, IL SouthWest Suburbs
3,522 posts, read 6,101,192 times
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Quote:
Originally Posted by Runuova View Post
It could, provided that his new wife bring home something comparable or better.
yeah almost everyone in the working class needs to incomes just to make ends meet these days.....

but having a stable income with a spouse counts as one income for debt to income purposes even though both peoples debts count toward the expenses
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Old 07-22-2011, 11:50 AM
 
Location: Greenville, SC
6,219 posts, read 5,940,193 times
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Quote:
Originally Posted by Runuova View Post
It could, provided that his new wife bring home something comparable or better.
The rule of thumb I've heard the most is: you can finance about 3X your yearly income. I'm also hearing stories of lenders looking for 20%-30% down these days ... that would be 26K-39K on a $130,000 home (or 40K-60K on a $200,000).

Vasily
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Old 07-22-2011, 12:12 PM
 
14,798 posts, read 17,678,955 times
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Quote:
Originally Posted by Vasily View Post
The rule of thumb I've heard the most is: you can finance about 3X your yearly income. I'm also hearing stories of lenders looking for 20%-30% down these days ... that would be 26K-39K on a $130,000 home (or 40K-60K on a $200,000).

Vasily
The rule of thumbs are:

20% down
28% of your gross income to housing expenses. (mortgage, taxes, insurance)
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Old 07-22-2011, 12:46 PM
 
867 posts, read 1,371,729 times
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Quote:
Originally Posted by Vasily View Post
The rule of thumb I've heard the most is: you can finance about 3X your yearly income. I'm also hearing stories of lenders looking for 20%-30% down these days ... that would be 26K-39K on a $130,000 home (or 40K-60K on a $200,000).

Vasily

Depends! I'm in the process of purchasing a home through FHA which only requires 5% down. I also have the ability to use a 203k program for remodeling if need be. There are also other programs that can be used in conjuction with FHA, that would assist with the down payment.
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