Cash Hash » Cash Hash » Cash Advance/ Cash Advances » Can we buy a house for 174000 if my husband makes 54000 a year?

  #1 ()
: The house we would like to apply for is $174,000. Can we get approved for this loan (we are using the VA Loan, my husband is military) if my husband makes 54,000 dollars a year? What would our mortgage most likely be, with taxes/insurance? Thanks so much in advance!

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  #2 ()
: if you had a down payment, then maybe. and if you had absolutely no debt.
wish you would put something down on a home. good idea to do.
some military people tend to move a lot.
don't buy a house unless you know you will stay put.
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  #3 ()
: You are right on the bubble...having a good down payment might be the make or break. We can't tell you what your payment will be for several reasons:
1) We don't know the term of the loan.
2) we don't know the APR you qualify for.
3) taxes are LOCALLY assessed. Some states average near 1% and some are over 5-7%.
4) Insurance costs depends on the coverages you elect.

If I had to take a ballpark guess out of the air.....expect about $1100-1200 per month.
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  #4 ()
: The most you will be able to borrow if you have low debt is 3x your income. If your income is $54K, that is $162K. You could purchase a house for $174K if you have at least $20,000 cash for the $12000 downpayment (to equal the $174K) plus closing costs
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  #5 ()
: You should meet the income requirements for a loan that size. Your month payments should be approximately $930 p/m mortgage+ $150 p/m taxes + $75 p/m insurance and possibly pmi if you do not have 20% as a down payment. Rough Total = $1155 p/m plus any amount assessed for pmi (above figures based on 5% interest rate)
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  #6 ()
: A mortgage calculator says that a house worth 175K with a downpayment of $5000 and thus a loan of 170K with .5% per month PMI and 1.5% tax at 4% interest net you a monthly payment of $993 per month (figure total cost of $1200 plus utilities when you add in repairs and insurance - not gonna guess at your utility costs). This is very doable on a salary of 54K per year.

Some possible problems though. Do you have 5K for a downpayment plus maybe 5K more for closing costs (since its a VA loan and the VA is great for getting loans maybe you could get them to roll some of the closing costs into the loan but I still think you really need 10K for this, at least). Do you have any other debts as alot of other debts could change this to unworkable? In fact, generally speaking are you spending about $1200 per month on housing now (or less with savings that can make up the difference).

Anyhow, I think this is workable if your credit is ok, you have some savings and not to much other debt.
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  #7 ()
: You will be stretching your income to the MAX, unless you have a very hefty down payment. You should lower your expectations to a house at $150K or less. Yes, you MAY qualify for that loan, but if you should encounter an unexpected cost with the house (or a car). you're going to be in trouble. DO understand that a purchase price for which you may qualify is NOT what you should purchase. You might have only enough left each month to enjoy a Big Mac for your Friday 'dinner out'.
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  #8 ()
: You don't say what you have for a down payment or if you can get some first home owner breaks on the loan. To figure what you would pay, you also need to know the interest rate you are paying. Most banks have a formula where you can plug in amounts and it will give you your payment. But you will have to figure out what your insurance and taxes will run. It just all depends. Contact several insurance companies and ask questions. Some are much cheaper than others for the same coverage. If you are near the ocean or gulf, you will also need to find out about wind insurance and if it is in your policy or what you need to do to get it. It sounds as if you are going to be paying much too much for housing.
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  #9 ()
: ya sure. If you think that you need more money to buy a nice house for you Then you can look for a loan. This days there are many company that can give you loan and even that can help you about the loan and bad credit.
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