S.O.S! ADVICE PLEASE!! Does this kind of seem like we can afford to live here?? Im not sure how…
S.O.S! ADVICE PLEASE!!
Does this kind of seem like we can afford to live here?? Im not sure how zillow or homebuying works so I just did left the estimates on how they came up. My SO and I have been wanting to have out own place for a while and he got a raise at his job. We won't know exactly how much he will make until Tuesday when he gets paid but i estimate it at 1,300 a check. So he will make around $2,600 a month. All our monthly bills come out to $1,426 but I rounded it up to $1,500. So, $2,600-$1,500= $1,100- $600 (for the mortgage)= $500 left over for other bills. Im not sure how much water, garbage, etc costs but does $500 seem like enough?? Does it kind of look like we can afford this? We currently live with my dad and sister in a 2 bed room house. The house is paid off so we just pay the light bill. We really want to move because we have our 2nd baby on the way and my sister is pregnant so this home is small! This was posted today and we dont mind if its a trailer we plan on getting a home later down the road. Tips, advice, anything please!! Thank you!
The EK 💁🏼♀️·
That $600/month estimate is based on a down payment of $59,000. Adjust the down payment number on the estimate calculator to what you’d be able to put down to get a more accurate monthly payment number.
squishymommy1·
You don’t want to spend more then 30% of your income on rent/mortgage
It’s Red ·
@kittyghoul0209, the mortgage on that house is $1095 a month if you don’t have a down payment.
If you want your mortgage around $600, your max budget is a $75,000 home. That’s $604 with $0 down and including the PMI
It’s Red ·
Also- that’s estimated. Your property tax, insurance rate and interest rate will determine the final cost.
RiaRia🙏❤·
Мама двоих (3 года, 10 лет)
Agree with @ek620 and @redheadedmonster
Yo mama·
Also that apr is high. Based on how good your credit is it can be lowered. But like everyone said adjust the down payment amount and figure out what your apr will be. That’ll give you more of an accurate estimate.
Kimberly Espinoza·
Thank you so much ladies. I was just in the heat of the moment and got so excited to see it so cheap. I obviously have no homebuying experience so I was just getting my hopes up 😞. I just really wanted our own space. Dang you California *shakes fist* Ill keep all your advice for future refrences 💞
Yo mama·
@spookylyn, we just bought our 1st home a few months back. 3 days after moving in our sewer pipe to the street broke, our ac went out and the electrical to the dishwasher. Its no freaking joke. I love owning a house but definitely didn’t think these things would happen so fast.
@kittyghoul0209, It would be good to see a home broker. They will help you figure out how much you can afford. Some states also offer 1st time home buyer programs. If you take their classes and pass the final test they will match your down payment up to like 4K. Look into 1st time home owner programs near you. You can get loan approvals with less money down. It’s a very exciting but long process. Knowledge is the best tool you will have when buying your 1st home!
Raquel·
Girl I live in California and would kill for a 600$ payment. All the houses in Southern California are from 275k(in the ghetto) to 750k. I would honestly say with that income you can’t afford the house. Also when you apply for a loan they don’t want you to have more than a 30ish% debt to income ration and based on your bills it looks like more than half of your income goes to bills. That would disqualify you. Best advise I can give is make sure your both working at the same place for over 2 years and then apply for a home loan. For first time home buyers you can get away with 3.5% as a down payment but you will have to pay PMI which is not included in your regular tax and insurance that is also added to the mortgage. Good luck.
Rowdy Vajazzy·
That’s a crazy low price for California! I don’t blame you for getting excited. I hope there is a drop in prices soon. Not a crash like before, but a drop would be nice.
Leslie Williams (alias)·
Are there any fist time homebuyer assistance programs that you could look into? Debt to income ratio is a factor as well...
A·
Don't round up on income. I'd always count on the lower end if anything. 2600 a month is very little to get by in California. Is he the only one bringing in income? I'm not trying to be rude, just realistic because I'm from California too and I know how expensive it is
Jessica Rhynard ·
As others have mentioned, this scenario includes a pretty hefty down payment. Based on your budget, it might be best to try and pay off your car and Best Buy before looking to adding additional payments. Doesn’t look like a lot of the other stuff can really go as its essentials you’ll always have. You could always try “paying” the payments to yourself (into a savings account) for a while to see how it goes. Debt to income ratios don’t include things like food, electricity etc...and it’s your gross income not after tax but just because a lender will approve you for the loan doesn’t mean you can afford it and be comfortable. Best of luck! I hope you guys can get your own place when the time is right. Renting might be a good first step too :)
Allyson Monroe·
Мама двоих (3 года, 5 лет)
Is that a mobile home? It looks to be a doublewide. I bought a 2017 energy efficient double wide last year, even with windows that turn dark when the sun hits them, and a fancy "energy efficient" air conditioner, our electricity bill has never been less than 340, our water is about 100 and trash is 40. Also, you need to make sure there's not a lot rent fee, some of those are pretty pricey. If im wrong, disregaurd this comment.
Samantha Kay·
Мама дочки (2 года)
First things first get prequqlified! You need to know how much a bank will loan you first. Find a recommended realtor most likely someone you know can help! Look for programs that may be able to help with down payment assistance also! Based off the desired monthly payment of $600 youll need to look in about 80k-90k range.