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What is the max for buying a house with salary being 33000 a year , with at least 8000 down

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What is the max for buying a house with salary being 33000 a year , with at least 8000 down

By Ayanna Fletcher   
Posted on Feb 27, 2018 in Topic: Home Buying
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Asked by: Consumer
Posted: 4 months ago
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Bronze
Zhiguo Jiang
about 4 months ago
According to 28/36 rule (a household should spend a max of 28% of its gross monthly income on total housing expenses and no more than 36% on total debt service), you (most likely) can comfortably afford a total monthly payment of $486 (assuming a $500 monthly debt) and an excellent credit score. That means you can afford a $68,400 home. if you are really aggressive , all your expenses are housing expenses (spending $0 on other stuff), you can afford a $133,000 home.

These estimates are based on a 30-year fixed conforming loan and 4.25 interest rate.



Source:


https://smartasset.com/mortgage/how-much-house-can-i-afford

about 4 months ago
Platinum
Ryan Kohn
about 4 months ago
There are a lot of things to consider when asking this specific question that would be better answered by a mortgage lender. While income and down payment is definitely necessary information, other factors such as credit, Debt ratio (You salary - fixed obligations such as other debts, car payments etc, including payment on the home you are looking to purchase) would need to be considered. Reaching out to a mortgage lender should be the first step as well as finding a qualified real estate agent that can help you not only find the right home, but help to make a smooth transaction as well as look out for your best interest.
I have 2 lenders II refer regularly and they are extremely helpful. On top of understanding what you can qualify for, having a pre approval in hand is highly recommended when looking, especially when you find the perfect home, you won't want to miss out because you are waiting for it to submit an offer.
Rick Bevard at Gold Financial NMLS # 184038 Direct 281-450-3950 or rbevard@goldfinancial.com
Ashlynn Kelso at Georgetown Mortgage NMLS# 1074888 Direct 737-444-1002 or ashlynn.kelso@georgetownmtg.com

If you would like to further discuss, please feel free to reach out to me as well.
Ryan Kohn
O'Hara and Company Real Estate
281-636-8179 Call or text
ryank@rykohnrealty.com


about 4 months ago
Silver
Pamela Bratcher
about 4 months ago
Ayanna, A lender will be able to give you the approximate amount of a loan you may receive, based upon certain criteria, such as income, debt, and credit score. However, my suggestion is to never buy a home at the maximum amount allowed. You want to have money left over to pay for car repairs, doctor visits, and other unexpected expenses. No matter how much we plan, as the saying goes, "life happens." Hopefully this helps, because I want you to be happy and comfortable with your home purchase. Buying a home is one of the biggest investments most of us make.

There are many home buying assistance programs. Please don't hesitate to contact me if I may be of assistance, or if you have any questions.
Pam Bratcher
HelpUBuy America
719-906-5238


Source:


http://www.tsahc.org/homebuyers-renters/first-time-home-buyer-grants https://www.tdhca.state.tx.us/homeownership/fthb/index.htm https://www.fha.com/fha-grants?state=TX https://www.hud.gov/states/texas/homeownership/buyingprgms

about 4 months ago
Platinum
Cagdas Acar
about 4 months ago
Dear Ayanna,

The maximum price of home you can buy depends on several factor.
Your expenses, montly payments like car, loan payments.
Your salary, revenue, profit
Your taxes filed
Your funds, deposits.
Your credit score.
The house you are looking: tax rate, HOA fee or other fees.
Type of loan your are eligible, FHA VA Conventional

A lender would consider all these factors and provide you pre approval for the loan you can have. You can hire a Realtor and hunt houses. The provided pre approval letter will be submitted with the offer for the home you have selected.

I can provide you some of my favorite lenders. Call me 832-283-1091
Regards,

Cagdas Acar
Msc PSA VLB Realtor
acarster@gmail.com
www.har.com/cagdasacar




about 4 months ago
Bronze
Purvi Shah
about 4 months ago
It depends on several factors. Recommend to get a pre approval letter from lender and that will give idea of price range you should use for searching houses.


about 4 months ago
Silver
Kelly Jackson
about 4 months ago
The key thing is to make sure your income is not stretched too far, so lenders will look at not only your income, but also your debt and credit score before making a decision. The best place to start is with a reputable lender who will go over various scenarios with you in order to make the best decision for you.
We can provide you with a list of lenders who can assist you.
Kelly Jackson
RE/MAX Southwest
281-652-6873


about 4 months ago
Diamond
Veronica Mullenix
about 2 months ago
Don't be shy about sitting down with a mortgage lender to discuss your specific situation. A mortgage broker will be able to shop around for the right loan product for you based on your income and debts, and anything else that could factor into your ability to qualify for a mortgage. Texas has a variety of affordable housing and down payment assistance programs to offer home buyers who quality as well. An experienced Realtor will be able to assist you in finding the best lender to work with for your unique situation. I wish you much success.


about 2 months ago
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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