As far as I could on a mortgage for?

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I think to buy my first house next year in Sacramento. I hope to see a significant drop in current prices. I make the median income (~ $ 54,000). In one year, then I ~ $ 35 000 savings and ~ $ 5000 in my 401k. I am 23 and I work in my work for 1 year from purchase. I currently have a credit rating of the 780th My only debt is $ 8,000 in student loans at a rate of 4.5%. I am ready to make monthly payments of about $ 2200. I could spend a few years. What type of loan can we get? What programs are best for my situation? Thank you for reading

3 Comments
  1. Reply
    luisamapacha
    January 23, 2011 at 8:38 pm

    You can afford a house payment of about $ 1,500 per month – 30% of your monthly income. Any more than that and you’re asking for trouble.

  2. Reply
    P J
    January 23, 2011 at 8:57 pm

    The 5K in the 401K you do not touch! You could qualify for about 150-200 K unless you want to put the entire 35K into the loan.

  3. Reply
    PUB
    January 23, 2011 at 9:47 pm

    Use this calculator to see what payments will be. http://www.bloomberg.com/invest/calculators/mortgage.
    Know also, that owning a home has hidden cost,insurance, taxes, utilities, repairs. Please don’t forget the market will still be coming down.
    I suggest you wipe out the $ 8000 loan in advance, so you can have one less debt. I too, believe $ 2200 is to high of a burden. The lenders have there criteria, but usually 24% of income, and 35% of all debt.

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