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peterpan260

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From southeast Michigan looking to move out of parents home.  I make $40,000 (before taxes) a year and am interested in buying a new home priced at around $200,000 give or take $15,000.  I have +20% saved up to put down.  No Credit Card debt, no car payments, and none other outstanding debt.  Credit score is 780 or higher I believe.  Can I afford it?
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June 10 - Macomb Township
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Nick Anderson, "agenttiki"

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you're kidding....right?
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July 07
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Michael Russell, "real estate mike"

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Ah the half-duplex; your friend your enemy. In my area they don't appreciate as much because the are developed in clusters(whole block). This means immediately several of them are rentals and long term many will be. So their value follows the monthly rent they can demand(mostly). My best friend lived in one and his neighbors were horrible. It is basically like living in an apartment but with only one immediate neighbor. I prefer single family houses, but I regress.
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June 10
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White Picture

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"I have +20% saved up to put down.  No Credit Card debt, no car payments, and none other outstanding debt.  Credit score is 780 or higher I believe.  Can I afford it?"
Since you had no debt, the banks may let you use of 33.33% of your income to pay for the mortgage.
$40,000 x 33.33% = $13,333.
$13,333. / 12 month = $1,111. ( mortgage monthly payment )
As today 5.75% interest rate with 30 years term. you can apply for the mortgage $190,379
$190,379 + $38,076 ( downpayment ) = $228,455 ( the home's price you can buy )
It's good if you want to buy the house at $200k range however.
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June 10
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sunnyview

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I think JK is right. There is more to buying a house than money as funny as that may sound at first. Financially it sounds like you are on track to buy. You have a 20% down payment and that's terrific! There is a calculator here that you can use to find you front and back end ratios on your own. I think that the article here on what to consider when you buy is laid out very well and helps explain the process and things to consider before you buy. You might consider looking at duplexes in nice single family areas. They are a good way to reduce your expenses and build equity at the same time. It would allow you to buy but leave you with more flexibility that a single family home (SFH) might. Duplexes also do not have monthly condo fees and often appreciate faster than condos but somewhat slower than SFH's. You are on your way to buying. Do your research and make sure that buying will fit your lifestyle and finances. Hope the links help.
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June 10
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jkonstant

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There is more to affording a home. It is a complete change of lifestyle and a commitment to all that comes with it. In my opinion it is not worth owning a home if you must give up some of the spending habits that give you pleasure like vacations, eating out, the movies, etc. Don't sacriice too much just to own a home.
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June 10
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Howard Rose III, "Howard Rose"

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Great question Peterpan....can you? I would advise you to sit down with your Loan officer to determine your Debt-to-Income-Ratio (DTI) and what you can actually afford. I hope this helps.
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June 10
 

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