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re: Help determining how much mortgage I can afford
Posted on 4/16/15 at 10:06 am to Tigerfan56
Posted on 4/16/15 at 10:06 am to Tigerfan56
Not sure how much this helps but...
I bought a condo for $130k. Currently make about $10k less than you (before your raise). Payment is $500 a month (put about $28k down) and it nowhere near cripples me (also pay $324 HOA). I'd say depending on your down payment you can probably afford any of the houses you're looking at.
I bought a condo for $130k. Currently make about $10k less than you (before your raise). Payment is $500 a month (put about $28k down) and it nowhere near cripples me (also pay $324 HOA). I'd say depending on your down payment you can probably afford any of the houses you're looking at.
1
Posted on 4/16/15 at 10:14 am to yellowhammer2098
I could be wrong but I think lenders look at your bills not going over 45% of your income or something like that. At least that is what I was told from Wells Fargo.
I am sure most would agree if you ask a bank, they will say you can afford more than you "should".
Though if you are debt free and this is/will be your only debt, just make sure you don't get a note that is so large you couldn't mow grass to make the payment if you lost your job.
I am sure most would agree if you ask a bank, they will say you can afford more than you "should".
Though if you are debt free and this is/will be your only debt, just make sure you don't get a note that is so large you couldn't mow grass to make the payment if you lost your job.
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