Can you buy a house only making $32,000/year

[FelixDeCat]

Originally posted by: Ameesh

Originally posted by: AdamDuritz99

Originally posted by: vi_edit
You can buy anything you want....with a big enough down payment.

Can you enlighten me on this "24/36" system? Never heard of it?

About half way down the page

The thing is, I really wouldn't have a problem paying 1,000/month but with that scale all i'm eligable for is like a $43,000 home.:disgust:

peace
sean

how the hell can you afford to pay $1k a month if you make 32k a year?

assuming you only get 15% taxes taken out that leaves you with 27.2k

how can you you afford to pay 24k a year towards a place to live?

$1,000 x 12 = $12,000

 

[Ameesh]

Originally posted by: FelixDeKat

Originally posted by: Ameesh

Originally posted by: AdamDuritz99

Originally posted by: vi_edit
You can buy anything you want....with a big enough down payment.

Can you enlighten me on this "24/36" system? Never heard of it?

About half way down the page

The thing is, I really wouldn't have a problem paying 1,000/month but with that scale all i'm eligable for is like a $43,000 home.:disgust:

peace
sean

how the hell can you afford to pay $1k a month if you make 32k a year?

assuming you only get 15% taxes taken out that leaves you with 27.2k

how can you you afford to pay 24k a year towards a place to live?

$1,000 x 12 = $12,000

hahaha i need some sleep, im a dumbass


still thats cutting it really tight.

 

[thedarkwolf]

Originally posted by: Mustangrrl

Originally posted by: thedarkwolf
Well I bought one without any problems making 19k a year gross but then house prices around here are in the crapper. You can get a nice little 2br for around $30k but I wanted a garage and yard so I had to spend $40k . I just went and talked to the bank and asked them what I could do. I ended up doing a FHA loan with 0 down, actually I walk out of the signing with a check for $300.

Where?! Vegas is cheap, but not THAT cheap.

I was looking at houses last year when I moved here, and I almost bought one, but I chickened out at the last minute because I hated my job. Now I'm just waiting until I see something so great that I have to have it.

Wv
If you want to make yourself sick goto realtor.com and do a search in my area using 25705 as the zip and look at the 0-30k houses. There are actually a few in the $20k range that don't look half bad. Probably not in a very good area though.

Here you go
2400sqft 5br 2bath 2 car garage for $33k and its not even in a really bad area. Its just in the semi white trash area.

 

[AdamDuritz99]

bump

 

[Hammer]

you can get a manafactured home maybe.

 

[psianime]

Don't live beyond your means. It will get you into trouble. You should save up for a few years and put down a bigger down payment, thus you will be paying less in the long run by not stretching your morgage payments. If you are serious, you will start scaling down your life and spend less money on entertainment and other stuff you don't need.

-psianime

 

[JEDI]

Originally posted by: heartsurgeon
you could always go for a less expensive home that needs some "work".. buy a cheap house in a good neighborhood (houses around you cost more)

then invest some time and sweat to upgrade and fix the house..

first home we bought . terrible smelling shag rug, older home, unfinished basement, unfinished "dormer" attic -

tore out the rug..bingo! hardwood floors underneath
finished off the attic space with carpeting, plaster, paint

cleaned up the yard

sold it 2 years later for a profit..moved to a bigger house as our income improved..

do not over extend yourself..
leave yourself a income cushion..expect unexpected things to popo up that will require cash..
do not live beyond your means
remember..your also going to have to pay for closing costs, insurance, property tax, new furniture...drapes...etc..

yup, you wont be able to save for a cushion if you max out on the morgage. i wasn;t able to save any $ when i maxxed out. i was living paycheck to pay check. if i got laid off, i would have been dead

you can avoid morgage insurance (PMI) if you get a 80/10/10 or 80/15/5 or even 80/20 loan. basically, 80% is the max a bank will loan you on standard conventional rates. the 15/5 is 15% for a 2nd morgage at a higher rate, and 5% is down payment. 80/20 is 80% 1st morgage, 20% 2nd morgage. and the 2nd morgage is also tax dedutible. AVOID PMI AT ALL COSTS!

Originally posted by: everman
I think here in SoCal you can buy a large refrigerator box for about 100k. Prices here seem to be at the top of the market for now and hopefully go down.

real estate is cyclical. last time it went down was in the early 90's. after going down for 3 years, it bottomed out in 1995, and stayed level till 1999 when the boom occurred. 2003 is the down cycle again. and if history is a guide, it will keep doing down for another 3 years. i would recommend you wait till 2005 to look to buy and buy in 2006.