mods I understand if you need to saloon this thread, I just figured this would be a place to ask rather than contact a real estate agent that will blow up my phone with incessant calls if I show a little bit of interest. Im curious as to how much house I can afford. I have a job, only pays 10.00 an hour, got it for spending cash. I do have 100k to put down for a down payment, through inheritance. also set to inherit another 200k over next five years. thats not right now though. so my question is, what kind of house can I afford with 100k or so to put down yet a job only paying 20k a year. thanks in advance.
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Dont buy a house if you dont have the cash \already ull b in debt the rest of ur life...Comment -
Run to a bank and ask them what you're approved for.
They'll know what you have in the bank, and they'll know that you have a job making 10 buck an hour and they will tell you what you can afford.Comment -
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Your next 5 year plan means nothing to a bank. R we talking bev hills or eastcocksquat, md?Comment -
Talk to a mortgage officer rather than a realtor. See what you can get preapproval for. Find out what you can afford as far as monthly payments then you will know how much to add on to with your cash/capital.
It will depend on factors of what other debt you have (if any) mortgage, taxes, insurance etc.
IF you are looking to put the entire 100 down on a house your probably going to wanna look in the 125-150k range. 20k year job probably supports approx a 30-50k mortgage if there is minimal to no other outstanding debt.
Good LuckComment