How of much could i receive on a home mortgage loan?
I'm thinking of buying my first home subsequent year surrounded by sacramento. I'm hoping to see a significant drop from current prices. I engender the median income (~$54,000). In 1 year, I'll own ~$35,000 within stash and ~$5,000 surrounded by my 401k. I'm 23 years out-of-date and enjoy be working at my opening for 1 year very soon. I currently enjoy a credit mark of 780. My solitary debt is $8,000 surrounded by student loan at 4.5% interest. I'm of a mind to engineer monthly payments of ~$2,200. I might move within a few years. What nature of a loan can I go and get? Which programs are best for my situation?
Thank you for reading.
Answers:
You can afford a house expense of in the region of $1,500 per month - 30% of your monthly income. Any more than that and you're asking for trouble.
The 5K in the 401K you do not touch! You could qualify for something like 150-200 K unless you want to put the entire 35K into the loan.
Use this calculator to see what payments will be. http://www.bloomberg.com/invest/calculat...
Know also, that owning a home have secret cost,insurance, taxes, utilities, repairs. Please don't forget the souk will still be coming down.
I suggest you smooth away the $8000 loan surrounded by finance, so you can hold one smaller amount debt. I too, believe $2200 is to illustrious of a burden. The lenders enjoy in attendance criteria, but usually 24% of income, and 35% of all debt.
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Thank you for reading.
Answers:
You can afford a house expense of in the region of $1,500 per month - 30% of your monthly income. Any more than that and you're asking for trouble.
The 5K in the 401K you do not touch! You could qualify for something like 150-200 K unless you want to put the entire 35K into the loan.
Use this calculator to see what payments will be. http://www.bloomberg.com/invest/calculat...
Know also, that owning a home have secret cost,insurance, taxes, utilities, repairs. Please don't forget the souk will still be coming down.
I suggest you smooth away the $8000 loan surrounded by finance, so you can hold one smaller amount debt. I too, believe $2200 is to illustrious of a burden. The lenders enjoy in attendance criteria, but usually 24% of income, and 35% of all debt.