im 38 make 60k a year 747 credit score can I buy a home?Also about 20000 in savings i dont own anything else?

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  • A.J.
    Lv 7
    8 months ago
    Favorite Answer

    USA numbers...

    $180K home, $18,000 down, $2000 reserved for closing costs, expect you would save additional money or find a little cheaper home as you look and before close.

    Loan of $162,000 @ 4.3% fixedrate 30 year

    $801.69 Principal and interest

    $195 - Property Taxes estimate

    $83 - Home Insurance

    $25 - Home Owners Association

    Monthly Payment $1104.69

    36x = $39768.84 Annual Salary to qualify

    You can buy a $180,000 typical home

    You can probably get an FHA First time home buyer loan with lower down payment and higher interest.

    $220,000 loan FHA 5.31% APR on a $230,000 home with $10,000 down + closing costs

    Loan of $220,000 @ 5.3% fixedrate 30 year

    $1221.67 Principal and interest

    $249 - Property Taxes estimate

    $90 - Home Insurance

    $25 - Home Owners Association

    Monthly Payment $1585.67

    36x = $57084 Annual Salary to qualify

    With your current savings level and salary, you can buy a typical $180,000 home with a current 30 year conventional loan, or a $230,000 home with an FHA loan.

    How much are homes and property taxes in your area?

    • A.J.
      Lv 7
      8 months agoReport

      Sales tax is not involved directy. Tax is called property tax and is an annual billing. It varies by location.

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