MeB asked:


I plan on buying my 1st home this spring. I gross about 65k/yr and the only debt I have is a $222/mo car payment. My credit scores are 729,744,779. I have about 125k in CDS/moneymarkets and plan on using about 40k for a downpayment. I don’t want to be “house poor” but I don’t want a fixer-upper ether. My questions are how much house can I afford comfortable(what price range should I be looking at). Plus how will lenders view me with the info given above and is there anything else they look at when applying for a house loan? I plan on looking in the Albany new york area.

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Dom asked:


I want to buy a house next January near Sacramento, Ca. The housing prices are $270,000+ and the cheapest it gets in a decent area is $250,000. Rent in the similar area is $1500.

-We are a family of 3 and have a monthly take home of $5400.
-We have $10,000 in credit card debt (using 18% of total credit), $10,000 in school loans, and pay $530 a month for a car.
-Our current FICO scores are 712 and 719.
-I am an accountant trying for my CPA and my wife is a social worker
-The goal is to save $10,000 in cash to put down and have the credit cards completely paid off.
1) What interest rate should we qualify for?
2) What are the monthly bills we need to pay for the house (Insurance, taxes……)?
3) How much can we afford?
4) Any other advice?

Yes I know that it would be nice to save 20% and then buy a house but California’s house prices are too high. Anything else you need to know?
New houses are advertised at the same price as used ones. Used ones have grass and already are decorated while new homes are not. For the same purchase price, is it better to go used or new for a first home?
For that calculation, do you use take home numbers or pretax figures? If it is pretax then we actually make $6833 a month

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morelia_lady asked:


My husband and I live in Canada, are in our mid-twenties, and have a combined income of slightly more than $73,000.
We currently rent, have no debt, no car, and some small savings. Our expenses aren’t that high - normal TV / Internet / Phone, no alcohol or cigarettes and we don’t eat out that much.
We are contemplating buying the house, but it seems like it will be tight because we will also need a car to buy a house (not a townhouse) slightly outside of town.
So, I’m just wondering, in general, if you saw someone with a normal car, maybe a low end 2003-2005 model, and a small house, no kids, a few pets, how much would you think they have to earn to be able to afford that and continue to put a bit aside for RRSPs and such?
I tend to spend a fair bit on house stuff - we are still buying “essentials” like sheets, towels, blenders. Also minor expenses like bus pass, pet food, shampoo etc.
Plus what we put into our savings which is about 10-12% of our net income.

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Debbie V asked:


my credit score is 700. And I’m going to put 5% down.

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mario asked:


Just found out my wife has been cheating on me, and I’ll be getting a divorce. Here’s the situation: We just refinanced our home in November and have virtually no equity in it. Since the housing market has turned, it’s unlikely that we’d get what it appraised for in a sale. So what are my options? If we both stop paying the two mortgages, it will go into foreclosure, but I’m unclear what would happen after that. Could someone please explain?
To answer a couple questions, I’m in the Seattle area. And the problem is that I doubt we could sell if for the amount that we owe on our mortgages.

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Nelson asked:


for example, 30 year fixed monthly payment?
How would I calculate it?
I need a formula.
using a cheap $5 dollar calculator with no financial functions.

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Amanda ♥s Lucy, Allie & Tyler;; asked:


I’m 22 now and I hope to buy a house next year sometime… I’m aware that it’s going to be a lot “harder” to buy a house with all that’s going on and I want to do it the correct way. I also want to be sure I don’t get in over my head. Is there anything specific I need to know? What price ranges should I stay in? & How much should I plan to hand over for a down payment? Anything you know would be GREATLY appreciated!

Thanks!

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Cami asked:


1, Private owners’s prices NOT prices from Real Estate agencies
2. How much income (in TT dollars) would be needed to get a mortgage to afford such house?
Buying, not renting

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Alfonso M asked:


I am looking to buy a house wondering if I could get some advice im In los angeles looking to buy a $170.000 house I make $19.00, ,how much would my monthly payments be,how much would I need for a downpayments,any good advice?

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Marty asked:


I work 40 hours a week at 10 bucks an hour… My girlfriend makes about the same thing… I have a half of a semester left in college and she has a year and 1/2 to go. Is buying a house a realistic possibility right now?

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