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Hey, looking to purchase in the 2018 year and have a decent idea what it’ll take but just looking for some confirmation and some input from someone in a similar position.
Let’s say 90k income and a supplemental income of roughly 15k but can fluctuate. The 90k is guaranteed.
House is in Elmont property taxes and all it’s gonna come out to close to 1950$ every month. Any one familiar with the houses in this area and the general expenses that come with them.
Single person, 2 vehicles both paid off. No particularly expensive hobbies (fishing from a kayak). Food wise I’m a chicken and eggs type person. drink only water, beer and liquor.
As to the condition of the house, right off the bat it’ll need a new roof. I am above average in many skill trades so much of the interior upgrades I can handle myself with the exception of the roof of course.
So yea if anyone who’s been or currently in this position have any input, please share.
It’s close to where I grew up and it’s an excellent commute to work, I know the down falls of the area but I’m comfortable in those surroundings. But I’ll take it you are implying I’ll be just fine on that salary?
Yeah you'd be fine carrying the home.
Providing you have a good down payment and % rate of course.
Assuming that $1950 was serious number crunching with all the appropriate financials included.
90k a year with $2k a month nut and you'll be sitting on top of the world with your feet hanging off.
It is all about the DTI, or your Debt to Income Ratio which is suggest that no more than 36% of your gross. So that would be all debt and the Housing ratio of that equation should be 28%.
I have read recently that some place that DTI number at 43% but I personally find that to be ridiculously high. There are always hidden expenses that pop up with home ownership, a new this or a new that, or a repair that you had not planned on making so I am always on the conservative side of things.
I bought a $360,000 house in Holtsville at the height of the market in 2004 on $50K a year. Mortgage was $2800 month. I was single and kept the house for 7 years with no problem moneywise. Of course, I didn't have much left over after bills. You can do it easily.
I bought a $360,000 house in Holtsville at the height of the market in 2004 on $50K a year. Mortgage was $2800 month. I was single and kept the house for 7 years with no problem moneywise. Of course, I didn't have much left over after bills. You can do it easily.
Even if you put 20% down no one is getting that loan on 50k income these days.
Just for clarification, 90k being GROSS income, figure NET being somewhere close to half of that and the supplemental being also GROSS, but haven't figured out what that'll be in NET
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