im 38 make 60k a year 747 credit score can I buy a home?Also about 20000 in savings i dont own anything else?
1 Answer
- A.J.Lv 78 months agoFavorite 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?
Sales tax is not involved directy. Tax is called property tax and is an annual billing. It varies by location.