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I'm looking at a house for $170,000 in North Carolina. Its our first home as a young married couple. Both our credit scores are well above 700. But our total monthly income as of right now is only $4,000. Both our cars are paid off and we have no student loans. We have a credit card but we owe nothing on it. We also have about 10K in liquid assets and 5k for closing cost. Can we afford this home and if so or not how far are we or how well are we?
A rule of thumb on affordability is for your mortgage to be ~2x to 3x your annual income. For you, that's between $80,000 and $120,000. Dig a little deeper and you should be using the 28/36 rule, no more than 28% of your gross monthly income on a housing payment and no more than 36% of your gross monthly income on all your debt payments. Banks used to use these ratios, but got away from them during the run up. So, let's assume you got an FHA mortgage for 3% down and put down $5100 on this house. You have good credit (although the cutoff for really great rates is 720). You use your 5k for closing costs. The principal and interest on $165,000 at 6% interest (a good rate today) is $990. You do need to add real estate taxes and insurance (both homeowners and mortgage insurance for putting down less than 20%). I'm guessing that your real estate taxes are reasonable, maybe 1% of the price of the property per year (I'm in ohio and mine are a little less, but some areas are more). So that's close to $150 per month. Homeowner's insurance could be expensive in NC, depending on how close to the coast you are. I'm close and it makes homeowner's insurance expensive. Let's say you aren't too close to the coast and it's ~$100 per month. PMI is variable, but could be as high as $125 per month. So, let's add it all up... You have a total payment of ~$1365. 28% of your income is $1120 per month and 36% is $1440. This place is certainly on the expensive side for you. You could probably find a bank to do it, but... Try this, pretend you have a mortgage payment of $1365 for a few months and find out if it's comfortable. Also figure that your utilities will be higher in a house AND be aware that if anything goes wrong YOU have to fix it. good luck!
Here is the answer: First thing you'll need to understand is the payment. It will include the following: - Principal and Interest: This amount goes to the lender each and every month. You could get the home with only about 10% down. It will be two loans called a 80/10 split. This will avoid PMI otherwise you will need to come up with more monies, or just pay it as a one loan through FHA. The 80% would be 815.00/mo. the 10% probably around 100/mo. But it is a HELOC, so the % will increase and decrease dependant on what the fed rate is. - Taxes: You'll have to research this dependant on the home. - Hazard Insurance (aka home owners): This is usually about 500 per year on average. - If there is a HOA (home owners association dues): It's dependant on location. Some towns require it some don't. Other than that you will have normal wear and tear on the home to pay for. Just so you know, if you roof needs to be replaced it could be like 5k. I know that mine will cost me about $17,000. So be sure you're able to save even though your making those payments each and every month. So as a total I would say it's probably 1,300/mo. But I'm not too sure what the property taxes are like in North Carolina. If you have a good and smart buyer agent, they will have the seller pay up to 3,000 for your closing costs. It's important to shop for a lender/broker. Many charge different fees, and if you don't do your homework, you could pay a maximum of around 5,100 in total fees. Let me know if you have any questions.
Depends on ur downpayment if its less than 25% then u prob need insurance on ur mortgage if u dont put a down payment and ur rate is 6% ull b forking out more than 10 grand in the first yr on interest alone... don't forget about property tax and heating / electrical... u also want to keep some funds liquid in case the roof or furnace or smth goes plan it out carefully
Um...i think of you're solid. you could fall ill from all the bleach, nevertheless. you ought to not in any respect bleach your dermis, be sure you rinsed all of it off truly solid and positioned some lotion throughout so it would not burn you and leave the abode windows open for a whilst.