Hi, everyone. I am expecting to stay in this area for atleast 5 years and I want to purchase a home instead of renting. I am a single 24 year old female, bringing home about 1700/month. I owe 11000 on an auto loan and 40000 in student loans. How much home can I afford? What are some things I should consider or ask? Any advice? Oh, I live in a rural Breckenridge city
I would first check out your credit score. You can get a free report at www.annualcreditreport.com. The higher your score, the better the loan you can get. Next, go over your budget to figure out what kind of monthly mortgage payments you can handle. From that, you can check out the many mortgage calculators online to figure out the prices of houses you should be looking at. Check out www.realtor.com for some ideas on the houses in your area in your price range. And I always recommend to work with a Realtor or real estate agent, especially if you are a first-time homebuyer. It makes the process a whole lot easier and less stressful. And most agents waive fees for first-time homebuyers.
I was thinking you meant Eastern Washington, the state, not DC. Depending on where, you may be able to find a house for $70k, but you're talking about quite a few years from now. Why don't you check out real estate companies' website in Eastern Washington and see if what you want exists? I live in St. Louis, and there wasn't a $70k house here I would consider habitable 16 years ago when I bought my townhouse. A good down payment for any house is 20% of the purchase price. You also need enough cash for closing, and 2 months reserves in the bank beyond that. I'm happy with my condo. I also have a house and the yard is way more than I want to do. The entire lot is a little over a quarter acre, and just cutting the grass is an ordeal. If you like doing yard work, a house is great. If you hate it like I do, consider the condo. Another thing to consider is the resale market for condos. It's pretty slow here, but I'm not planning to sell it. Some places condos are just not very popular.
In the area you live in, you are able to get a larger house for less money; however, I am a 24 year old making at least $15,000- $20,000 per year more than you with no car loan, student loans or any other loans and good (but minimal) credit and I am being told I need a co-signer for a mortgage that would be not very high ($150,000 max). Honestly, I don't think you can afford a house right now. I don't think the contributer below needed to be so sarcastic, but even at 5.25% (which is assuming you have perfect credit) your loan on an $80,000 house (good luck with that although with your area it may be possible) with 20% down (assuming you have $16,000 to put down) would be more then you can afford. In actuallity your housing expenses (taxes, mortgage, insurance, utilities, etc.) should be no more than 1/3 of what your monthly income is. I don't see a way that you can do that.
For Credit and finance solutions I always visit this website where you can find all the solutions. :Buying a house at 24 and $30,000 a year? Hi, everyone. I am expecting to stay in this area for atleast 5 years and I want to purchase a home instead of renting. I am a single 24 year old female, bringing home about 1700/month. I owe 11000 on an auto loan and 40000 in student loans. How much home can I afford? What are some things I should consider or ask? Any advice? Oh, I live in a rural Breckenridge city Update: I pay 225 for the car, 250 for loans, $60 a month on cc. I gross $2400 a month, but net only $1700. Follow 13 answers
With $40K in student loans, you are in no position to buy a house. Start (or continue) to save cash, until you meet the following goals: 1) The auto loan, the student loans, and the credit cards are paid in full. 2) You have $15,000 cash in the bank for emergencies (losing your job, etc.) 3) In additon to the $15,000, you have 20% down. With a $1700/month income, your mortgage needs to be $500/month or less. For a 15 year mortgage, $500/month is $60,000. Add in a $15,000 down payment, and you have a $75,000 house. For a 30 year mortgage, $500/month is $88,000. Add in a $22,000 down payment, and you have a $110,000 house. I know that doesn't sound like much, but this whole recession is being created by people who bought too much house, can't make the payments, and are now getting foreclosed on. Learn from their mistakes. AND CUT UP THAT CREDIT CARD!
No dont do it you do not make enough even though u single all of your money is going to go on bills you only bring $1700 a month a mortage cost starting at $900 or $1000 then you have to pay heat, light, gas, water and your other bills and you have a car you have to have money for maintence of the car and the other stuff you need like food, soap ect... my advice to you if i was you i will find a 1 bedroom for about $400-600 a month that has heat included because you dont wanna buy that house then in a couple of months you are just working to pay bills i say wait until u find a boyfriend/husband before you buy a house because 2 income is better than one that way you guys can split the bills in half and you will have more money in your pocket and less stress
How much you can afford is based on your debt to income ratios. How much do you pay monthly to all your bills on your credit compared to your gross income you make *gross is prior to taxes being taxen out* Are your student loans in defferment for 1 year or you paying on them? How much is your auto payment? Any additional credit card or installment loans you pay monthly? Advise when you can answer the above and I will then calculate how much you can afford.
Hello, I am Mrs. Stacey Buckley, a legitimate, reputable money lender. We are a company with financial assistance. We loan funds out to individuals in need of financial assistance,or in need of money to pay bills, to invest on business. I'll be glad to offer you a loan. Email us now via (email@example.com) Name Of Beneficiary:......... Country:............. Amount Required............ Loan Duration:............ Phone Number............. Regards. Mrs. Stacey Buckley .
Even though rural ky has a low cost of living, i would be scared to buy a home in your situation - keep in mind that other issues come with owning your own home - ie replacing AC's, furnaces, roofs, ect. I would wait a couple years when you make a little more money (and have some saved up).
You cant afford to buy a house. There are mortgage calculators online You have too much debt already. You have debt that is twice your annual income.
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