another real estate question

kingon8
kingon8 Posts: 200 Member
edited October 9 in Chit-Chat
we were approved for a loan for 130K and our lender told us that our debt ratio was at 26% and we could go as high as 35% so with that said, how high could we actually go as far as price of home?

Replies

  • kingon8
    kingon8 Posts: 200 Member
    we were approved for a loan for 130K and our lender told us that our debt ratio was at 26% and we could go as high as 35% so with that said, how high could we actually go as far as price of home?
  • Anna_Banana
    Anna_Banana Posts: 2,939 Member
    Things are so scarey right now. I would make sure that you have enough left over at the end of the month to put alittle away for and emergency.
  • kingon8
    kingon8 Posts: 200 Member
    oh we will and we have savings right now, I am just wondering what that puts us at for a loan amount
  • Mufasa0331
    Mufasa0331 Posts: 334 Member
    Haha just sent you an email on this! I would say $140 should be ok but mind how much the hazard insurance and property taxes are going to be on the property because thosewill be included in your payment and also the the higher the loan amount the more monthly MI you will pay since it is a FHA loan.
  • MollySue30
    MollySue30 Posts: 288 Member
    I would say be very careful right now, Me and my husband built a house in 2004 and we just lost the house this past August, talk about working for a house payment, We started with a payment of $980.00 a month and then it kept jumping up. This last year when they did our property taxes before we were paying $1200.00 a month it jumped all the way up to $1800.00 a month, we totally couldn't afford it at all. With two kids and all of the other bills it was freaking hard.

    I would just say that make sure that you have enough in a savings to put down on the house and make sure you understand everything before you sign papers. It is great owning a house but it is really hard too.

    Sorry that was my 2 cents.
    Good Luck

    Molly
  • jeremyn772016
    jeremyn772016 Posts: 15 Member
    So now that it's 2016, how's that investment going?
This discussion has been closed.

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