how much money can I qualify for if I make $50k a year?

[Brandon Hoffman]

Originally Posted by 20yrsinBranson

Most banks require 20% down....so...well..... $5,000 is 20 percent of... um.... $25,000. Looks like you need more money down.

20yrsinBranson

Oh that's way wrong! There are 100% financing options like Rural or VA, 3.5% down FHA loans, conventional with 5% down options, some lenders still to 90/10/10...yeah there are options.

OP, quit speculating about what you should or shouldn't do. Just call a lender and talk to an expert. There is some bad advice on the internet.

[OptimusPrime69]

Originally Posted by Brandon Hoffman

Oh that's way wrong! There are 100% financing options like Rural or VA, 3.5% down FHA loans, conventional with 5% down options, some lenders still to 90/10/10...yeah there are options.

OP, quit speculating about what you should or shouldn't do. Just call a lender and talk to an expert. There is some bad advice on the internet.

lol ok. Thanks

[Podo944]

Originally Posted by OptimusPrime69

Assuming I put down like $5k

You can play around with this thing...

Affordable Home Calculator from CNNMoney

But get in touch with a lender to get a more accurate idea.

BTW, there are some condo's that have gone down to pre bubble prices!
I remember seeing an open house in N. Lake Forest, Ca. back in 2001 for a 1 bedroom listed at 124K, and that's when the rate was 7%!!
The one bedrooms there are now listed at about that price or even below at around a 4% rate!

Good luck!

[ibarrio]

Go for Homepath or FHA. 3.5% down and in most cases the seller (Fannie Mae) will pay 3.5% toward closing. We just closed (FHA) on a $178,000 home and paid around $6500 ($1000 Earnest and the rest down payment) total to get in. We locked in our rate at 4%. Keep in mind you need about another $1000 for appraisal and inspection fees.