As a CPA and Realtor I try to Give You a House Buying Guide
I try to explain in the easiest terms how it was like house buying for dummies. I go over timeline for house buying or on house buying on what I can afford
How to Afford House on One Salary?
Look a Salary and future of your job. Look at Mortgage Calculator to get ideas. Get Financial Information together. Get credit reports. Two years tax Tax reports. Talk to three mortgage broker To get best estimate. Deciding house buying or condo.
What House can I Afford for 80000 a Year?
If you do the steps that I explained then if you take the information for June, 2021. You have 1500 month debt, 2.75 interest rate and place 20000 down payment then around 163,000. You put less down and the house value would come down. You should play around with figures with a mortgage calculator.
Steps on Getting a House?
Look on where you want to live. How many bedrooms do you want . How many bathrooms. What about tax credits the governments is giving or moving to a certain area.A big question is the house buying how much can afford and house buying closing cost
Of course the way to get started is to get two or three years tax returns and with the three major credit reports .They are going to ask for three months of bank statements and what you have in savings and retirement accounts. I would get three mortgage companies to look at their fees and get the one with greatest experience.
You are going to be looking around on the multiple listing website or some of the most independent websites. You are looking at different housing possibilities. You want the most for your bucks . Where all the good schools and malls are at.
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You again are going to have to find a good real estate agent if you are not one . Check their references out.
You are going to go through the preloan process to approved for a house. In the future you going to find a couple houses that you are interested in. You are going to make some offers and go back in forth to get the final price.
If the house offer is accepted the next step is get the house inspected. Get some one who knows what they are doing.
You got a closing attorney at your meeting with your seller. You got understand the numbers and how much to bring money for the closing
How much House can I afford $40000 a Year?
If you do the steps that I explained them if you take the information for June, 2021. You have 750 month debt, 2.75 interest rate, and place 20000 down payment then around $91000. You put less down and House value would come down. You should play around with figures with a mortgage calculator.
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It depends on the down payment. It could be anywhere from twenty percent to zero. The more the merry. A lot of lenders would try to get you put twenty percent. Some will go down to six percent . If you are getting VA the down payment is zero.
When they pull up what you are spending every month, they want this. They want to keep spending on debt is limited mostly at thirty eight percent but some might go to forty four percent. The house payment should be twenty eight percent of your monthly expenses.
If you are house buying after bankruptcy it would take effect of course after it falls of your credit report. It could take up to 5 to 7 years . If you got a good job and starting to save money you could start the process.
I tried to give you a house buying checklist. What are you going to use of the tips. You going to use the internet for mortgage calculators, use several mortgage companies for quotes, or choosing the right realtor. Please comment below.