Question by mimi: How much could I afford for a house with this income?
I am planning to get a house in corpus christi texas. Between my husband in eye we make 69, dosage pharmacy 888 a year. Do home owners look at income before taxes? And what loan amount could I be qualified? I know I need to talk to a loan agent, but I am just getting opinions. Thanks!
Best answer:
Answer by godged
Income is important, but what is more important is your debt to income, how much you owe vs. how much you make. Home owners do not look at anything, your lender does.
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Question by susan_s53051: can I benefit from the homeowner mortgage help bill if I am currently in a forbearance?
With Obama’s new bill he passed, try if I am in a conventional loan, and in a forbearance, will I qualify for either a refi or loan modification?
Best answer:
Answer by Cookie On My Mind
Definitely contact your mortgage company and ask!!!! Most mortgage companies nowadays are very willing to HELP you keep your home. Homes going into foreclosure is expensive for them, they’d rather have you stay in your home. I’m sure there is a program to help you. Good luck!
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Question by DIY: How much would a monthly mortgage payment be on a , physician 000 home?
My fiance and I are trying to figure out if it would be more cost effecient to rent an apartment or to just buy a home.. and we found a nice one for $ 60, discount 000 so how much would that be a month? Thanks!
Best answer:
Answer by Judy
Where is your down payment?
Google “how much home can I afford”.
A good rule of thumb: Never allow your monthly mortgage payment be more than 25% of your take home pay.
Put 20% down to avoid that nasty PMI.
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What do you think? Answer below!
That depends on many factors.
As the others have mentioned, your down payment figures in, as does the homeowners insurance, taxes, and pmi. Find out what the taxes are, and also ask if they have recently been re-assessed. Many towns put that off, leading to sticker shock when it happens.
Don’t ever go by “just the mortgage portion” Make sure the payment is actually the amount you will be paying each month, because the other part can easily double your payment amount.
There are nice calculators on most realtor’s websites and many other places online.
Rule of Thumb: You can afford to buy housing costing 2.5 times annual income.
You can pay 1/4 of monthly income on housing, not more than 1/3 with utilities thrown in.
Your monthly cost is PITI (mortgage principal, interest, taxes, insurance) plus utilities, upkeep, maintenance, HOA, etc.
It depends how much you put down, and the interest rate, how much the monthly payments would be. Putting down less than 20% means you have extra costs of PMI. FHA requires minimum of 3.5-5% down and conventional requires 10-20% down. The LESS you put down, the MORE you pay for your house over time, in Interest, many times cost of home.