Friday, May 9, 2014
How much do you think I'll qualify for my first home purchase?
Hi, I'm in my mid-twenties and I live in Texas. I'm a teacher and I make about $48,000 a year. I'm looking into purchasing my first home and it's a bit daunting because I will be doing it by myself. I plan on talking to a mortgage lender and a realtor, but I just wanted to get an idea. I've been looking at homes in my area and I don't mind if it's a small home, but I do want a home in a safe neighborhood that doesn't have a lot of issues that will cost a lot of money to fix. From what I've seen, most of the homes in my area that are in decent neighborhoods are $90,000 and up. I have about $1077 in bills each month with student loans, my car loan and bills. Do you have a round about idea of how much my maximum price range would be where I would not be spending too much on a home. Also, what is a good recommended amount of money to have for a downpayment on a home? Thank you! :)
Added (1). Thank you for the advice. I am looking for a home mainly because I have a dog that needs a nice backyard to run around in. :)
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