can i afford a 200,000 dollar home?
my job tops out a 24$ and hour in 4years if i make 45,000$ and my wife will make 25,000 a year = 70,000 can i expect to get a loan for a 200,000 home maybe 5 to 10% down using FHA
- 1 decade agoFavorite Answer
A good rule of thumb for establishing your house payment is: gross monthly - debts x 36% = house payment.
This Rule of Thumb is kinda from the old school of real estate, but I find that individuals that use it the will stay in a better financial position after they buy their home. Be smart….do not buy more home than you want to pay for. It is easy to fall in love with a house but the way to maintain that love is to be happy while you are paying for it.
- Anonymous1 decade ago
WHEN your job tops out at 24$ per hour and WHEN your wife makes 25k per year, THEN you will be able to get a loan for 200k. Until then...we dont have enough info to know. (Dont count your chickens before they hatch.)
- 1 decade ago
Sounds like your in!!..Just do a little homework, pay off debts, raise your score and save as much as you can......remember, 20% down usually elminates PMI ( mortgage insurance ) and reduces your monthly payment accordingly!......good luck & enjoy you new home!!
- pissy_old_ladyLv 71 decade ago
Yes you should be fine, but if you have credit cards, try paying them off first. Shop around for best interest rates.