What kind of house could I get in Greenville... (fit in, insurance)

[cabin]

...with a 160k a year household income? Anything near downtown in some of the older neighborhoods? Many thanks.

[Made_it_To_the_Metroplex]

That's a hard question to answer. Maybe if you gave a price range instead of income level (tmi?), then some of us could tell you what that would buy in this area. Let us know!

[ruvidu]

I agree with Booster. Best thing to do would be to figure out what you can afford as a monthly payment and then figure what price house you can afford. We would be able to offer you much more information at that time.

[cabin]

Could afford about $3500 a month.

[myrc60]

how does a mansion fit in your plans? You will get a lot of house for that kind of money or maybe cut your budget and save more!

[ckeegan]

Didn't mean to delete my last post. Based on current interest rates for a 30-year (approx 4.75%), the payment on a $600,000 loan would be roughly $3,130. Add taxes and insurance, you'd be right around $3,500. Keep in mind though, we're talking loan amount, not purchase price. Add your down payment to that figure.

For example purposes though, say you were putting 20% down. $750,000 in or near downtown Greenville would get you the following right now (all averages of the properties available):

A 4,400 square foot home with 4-5 bedrooms, 3-4 bathrooms, built in 1958, on .41 acres.

[Jeng27]

I don't think the figures of a $600,000 loan are quite right. The max most banks will loan you without your loan being considered a jumbo loan is $417,000. So if you borrowed $600,000 you would not be able to get an interest rate of under 5% with a jumbo loan. The other way banks finance a loan larger than $417,000 is through a 1st and 2nd mortgage where the first is at the lower rate 4.75% for example and the 2nd is higher, frequently in the 7% range.