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2 Bumps

What price range should i look in with my income?

My husband and I make 2600 a month, sometimes more with his commission. After bills we have 1500 left. I was thinking 60 thousand but I only like the houses at the 90k range. What do you think?

Answer Question
 
sunshineemommy

Asked by sunshineemommy at 8:36 PM on Mar. 1, 2013 in Home & Garden

Level 16 (3,073 Credits)
Answers (14)
  • Is the $2600 net or gross? What other loans do you have?
    JulieJacobKyle

    Answer by JulieJacobKyle at 8:37 PM on Mar. 1, 2013

  • I think your best bet would be to try to get preapproved for a loan. That'll tell you what you can get and then you can look for houses within that range.
    wendythewriter

    Answer by wendythewriter at 8:38 PM on Mar. 1, 2013

  • It's net. We only have a car loan.
    sunshineemommy

    Comment by sunshineemommy (original poster) at 8:42 PM on Mar. 1, 2013

  • Can I go to any bank and get preapproved?
    sunshineemommy

    Comment by sunshineemommy (original poster) at 8:44 PM on Mar. 1, 2013

  • Ok, well depending on what term you want for your loan, you can probably afford more than you're expecting, because right now rates are really low. Say you buy a $100,000 house and put down 20% (to avoid PMI). Your payments would be around $370 for a 30 year fixed at 3.75%. You could get a 15 year fixed for around 3% right now, making your payments about $550. Keep in mind that is only for P & I, and doesn't include property taxes, homeowners insurance, or HOA dues.
    JulieJacobKyle

    Answer by JulieJacobKyle at 8:48 PM on Mar. 1, 2013

  • I would say if your credit is good 90,000 would be about that~
    jerseydiva

    Answer by jerseydiva at 8:48 PM on Mar. 1, 2013

  • HERE is a mortgage calculator, and HERE is another link you can play with to figure out what number you're comfortable with. Once you have a general idea, go to get pre-approved before you even start looking at houses. Also keep in mind that maintenance on a house will always be more than you expect, and try to plan for that with a savings account.

    JulieJacobKyle

    Answer by JulieJacobKyle at 8:48 PM on Mar. 1, 2013

  • How much do you have saved for a down payment? 20% is a start. $90,000 house,you'd need $18,000
    butterflyblue19

    Answer by butterflyblue19 at 9:07 PM on Mar. 1, 2013

  • Wow where do you live where you can get a nice house for 90K?? The mortgage on that (with a solid down payment and decent interest rate of course) would probably only be around $500/month.
    maecntpntz219

    Answer by maecntpntz219 at 9:47 PM on Mar. 1, 2013

  • Wow. You can't get squat for ninety thousand dollars around here.
    Ballad

    Answer by Ballad at 10:43 PM on Mar. 1, 2013

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