how much house could I afford yearly income is 52000. no monthly debt?
November 29, 2008 · Print This Article
Debbie V asked:
my credit score is 700. And I’m going to put 5% down.
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my credit score is 700. And I’m going to put 5% down.
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Josh Dunaway has been a certfied Realtor in the suburban Chicagoland area for over 20 years. Aside from starting his own real estate company, he also owns a mortgage company as well.
3x your salary is pushing it.
so I’d say 150k you can afford to to borrow. start saving for the diff between that and the price of the house.
Conservatively I would say 120k max. Thats if you don’t have a slew of other debts like car pmts and credit cards and other anchors. Dave Ramsey has a great book on this matter called Financial Peace! Ya you could get a 150k or a 170k home but in the long haul it would be an albatross to your finances. I would not go into heavy debt today in a home loan especially in todays housing market. Be careful goodluck
about 140K with no money down. if you have a down payment set aside, add that to the 140K and that is where you should start shopping.
My house hold makes 250k and we bought a 1 mil house last year. Payments of 5700 are easy for us- 1900 a month each.. There are 3 of us- Me Sister and wife-
That is 4 times the house. We put down 300 k so total loan was 740k- 3 times works.
In addition to your income, credit is a “major” consideration and will significantly affect the amount of your payments; furthermore, the amount you have to put down will affect how much home you can afford. Are you a first time borrower? How much time on the job? Additional borrower/signer?
The other responses are accurate as far as the potential cost of a home you can purchase, however the above factors, and others, must be ascertained before a accurate answer could be provided.
$140,000. max