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Old 07-25-2010, 01:46 PM
 
3,504 posts, read 3,921,797 times
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theres sites out there, but they are all calculators. would like advice from someone in the field.

single, 30k a year, 25,000 downpayment, 30 year fixed. 2 year verifiable work experience, 695 fico.
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Old 07-25-2010, 04:15 PM
 
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You're leaving out a huge factor. Debt?


Whats the median home price in your area? What's the taxes like on homes? 2.5%? 4.0%




But making 30k, "I" would rent and keep saving.
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Old 07-25-2010, 04:26 PM
 
Location: Long Island
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Quote:
Originally Posted by danieloneil01 View Post
You're leaving out a huge factor. Debt?


Whats the median home price in your area? What's the taxes like on homes? 2.5%? 4.0%




But making 30k, "I" would rent and keep saving.

Depends on where the OP lives. There are areas where $30K covers, or almost covers, the entire purchase price...
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Old 07-25-2010, 04:34 PM
 
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MN. got like 8,000 in debt.

was reading online your income should be 3 times what your monthly mortgage is.

checking out myfico, in my fico category, if i take out a 125k loan, and use 25k as a downpayment, a 30 year fixed mortgage would cost roughly 650 per month. my monthly income does triple that

150k in my area gets something like this

1113 Peterson Dr, Northfield, MN, 55057 - MLS #3860898 - Single Family Home real estate - REALTOR.com®
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Old 07-25-2010, 04:43 PM
 
Location: Charlotte, NC
2,193 posts, read 5,052,845 times
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Sit down and make a budget. Take your monthly income and subtract all your expenses (except rent). And that's how much your monthly payment can be. See if you are comfortable with that. No one can tell you what you can afford. We don't know whether you have an expensive hobby or relatives to help out or a lot of medical expenses. You need to factor all that in, not even a lender will know this.

Also I'd pay off that 8K in debt first before buying. Home purchases have all sorts of unexpected expenses that you don't think about. You might need a new window which can cost 300 + another 300 to install. You don't want to add to your 8K in debt.
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Old 07-25-2010, 04:46 PM
 
Location: Long Island
9,933 posts, read 23,142,320 times
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Quote:
Originally Posted by tropolis View Post
MN. got like 8,000 in debt.

was reading online your income should be 3 times what your monthly mortgage is.

checking out myfico, in my fico category, if i take out a 125k loan, and use 25k as a downpayment, a 30 year fixed mortgage would cost roughly 650 per month. my monthly income does triple that

150k in my area gets something like this

1113 Peterson Dr, Northfield, MN, 55057 - MLS #3860898 - Single Family Home real estate - REALTOR.com®

That's a lot of house for that price - nice

Don't forget to include your RE taxes and homeowner's insurance payment.
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Old 07-25-2010, 06:10 PM
 
Location: A little suburb of Houston
3,702 posts, read 18,208,805 times
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Quote:
Originally Posted by tropolis View Post
MN. got like 8,000 in debt.

was reading online your income should be 3 times what your monthly mortgage is.

checking out myfico, in my fico category, if i take out a 125k loan, and use 25k as a downpayment, a 30 year fixed mortgage would cost roughly 650 per month. my monthly income does triple that

150k in my area gets something like this

1113 Peterson Dr, Northfield, MN, 55057 - MLS #3860898 - Single Family Home real estate - REALTOR.com®
Be sure to figure taxes and insurance on top of that. They can easily add another 30% on to that monthly payment.
Also make sure you check your budget and figure in room for putting money in a savings account, you will need it if you own a home.
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Old 07-25-2010, 07:08 PM
 
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1. Pay off debt and then calculate down payment.

2.
Safe: Buy when you have enough to pay 20% down payment + 6 months of living expenses
Aggressive: Buy when you have 15% down payment + 4 months of living expenses

Living expenses include mortgage, insurance, taxes, utilities, food, groceries and all other monthly expenses.

3. 3x Salary is a good estimate. That way you shouldn't exceed 90K. Pay off debt, then have 17K for down payment and you can afford 85-90K home. Make sure that you have at least 4-6 months of living expenses apart from the 17K.

4. Say you have $1600 as your monthly expenses; For an average of 5 months expenses, you need $8k. Now you have only $9K for down payment. Say 9K goes for 10% down payment. You would then have an ability to buy a 90K home.

5. Don't count on tax benefits on mortgage interest and taxes. You may not reap any benefit, due to the standard deduction for your salary.
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Old 07-25-2010, 07:28 PM
 
3,504 posts, read 3,921,797 times
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and i think that 30k will go up, but im just going under what im at now.

im 25 and got 15k of that saved up. a lot of that is from my teenage days and 2 years before i went to college working full time. i will definently have the 25k or more in the next few years. id like to get a house by 30. by then at 30, im hoping ill be in the 35-40k range.
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Old 07-26-2010, 07:42 AM
 
Location: Grove City/Columbus
212 posts, read 686,869 times
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I'd agree to pay off or pay down debt. do a budget to see what you have going out every month. when you are ready to buy and go see a mortgage person, you'll have your budget already. that will help you see what you have ava. do go too big, they say most people only stay in their first home 5-7 years.
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