I want to buy a house.. | TigerDroppings.com

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gotdatBBC
LSU Fan
Member since Jan 2013
50 posts

I want to buy a house..


For about 175k. Obviously lots of variables to consider but whats an appropriate round abt salary for one person necessary to buy?






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Bayou Tiger
LSU Fan
The Woodlands, TX
Member since Nov 2003
3234 posts

re: I want to buy a house..


That depends. Are you located in the UK? I noticed your BBC moniker.





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El Josey Wales
LSU Fan
Greater Geismar
Member since Nov 2007
22710 posts

re: I want to buy a house..








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NaturalBeam
LSU Fan
Member since Sep 2007
13067 posts

re: I want to buy a house..


Do you have enough to put 20% down? If so, I'm guessing your mortgage payment would be around $750-800.





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gotdatBBC
LSU Fan
Member since Jan 2013
50 posts

re: I want to buy a house..


Br, la





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Geaux Smoke
LSU Fan
Aspen, California
Member since Aug 2010
1977 posts

re: I want to buy a house..


delete



This post was edited on 1/5 at 4:16 pm


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Bayou Tiger
LSU Fan
The Woodlands, TX
Member since Nov 2003
3234 posts

re: I want to buy a house..


This may sound simplistic, but you could use an online loan calculator like bankrate.com.

Then just compare that loan with your current income and expenses. Add in real estate taxes, etc and consider the difference in bills. Where are you going to find this money out of your cash flow?

Since lifestyle and other loans factor in as much as income, I would recommend the rigorous approach versus rules of thumb.






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Ric Flair
LSU Fan
Charlotte
Member since Oct 2005
7186 posts

re: I want to buy a house..


Without knowing anything else, I'd say 65-70k/year





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Lsut81
USA Fan
Member since Jun 2005
64137 posts
 Online 

re: I want to buy a house..


quote:

For about 175k. Obviously lots of variables to consider but whats an appropriate round abt salary for one person necessary to buy?


Depends on how good you are with your money, what other debt you have, and how much you are putting down.

If you finance 175k, you should be around $800/mo without factoring in PMI, Taxes, Insurance... So I'd guess you would be at close to $1200/mo after all of that.

Most people recommend that your housing costs not exceed 20% of your income, but if you don't have any other debt, its really up to you. I believe a lot of mortgage companies won't give you a loan if your monthly payment is higher than 38% of your income






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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
6207 posts

re: I want to buy a house..


House 28% of gross, or 36% combined with all other bills





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JonTheTigerFan
LSU Fan
Central, LA
Member since Nov 2003
4675 posts

re: I want to buy a house..


quote:

Most people recommend that your housing costs not exceed 20% of your income, but if you don't have any other debt, its really up to you. I believe a lot of mortgage companies won't give you a loan if your monthly payment is higher than 38% of your income


For an FHA loan, your total mortgage payment (principal, interest, property taxes, insurance, PMI) can't be over 31% of your gross monthly income. Your total recurring monthly debt (mortgage, auto loans, personal loans, student loans, credit card payments, etc) can't be over 43% if your gross income.






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dustinm27
LSU Fan
Member since Oct 2008
2655 posts

re: I want to buy a house..


My roommate is a real estate agent in Baton Rouge. I can give him your number if you want.


This post was edited on 1/5 at 6:35 pm


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