Is there anyway I can afford my own house making about $1800 a month?
I still live with my parents which they love me but I don't think I want to live with them forever or mooch off them. I kinda want to get my own place some day. Know I am saving up most of the money I make and I have $35k saved up which of course is not enough for a house. But I heard mortgages have high interest rates. Im not in a huge hurry yet but I would like to be out of the house by the time im 30 and im know 24. What can I do to get my own house? I don't really want to live on rent.
- Beverly SLv 72 months ago
Rates are in the 2's right now which is GREAT. But I doubt you will be able to get a mortgage with your income that low.
- Common SenseLv 72 months ago
Actually, interest rates are low at this time.
Go on Zillow.com and search for a modest house in your chosen location. You will find a mortgage calculator on the site, where you can fill in some numbers to determine your approx monthly mortgage to give you a general idea of monthly mortgage cost. Depending on what type of loan you apply for you will be required to make a down-payment of between 5% & 20% , plus about $3,000.00 in closing costs, not including appraisal fees and inspection costs.
Educate yourself about what is entailed in purchasing a home so you can make the right decisions for YOU.
- ANDRE LLv 72 months ago
That would depend on what houses for sale cost where you are. As there is a very large price range depending on location, without knowing where you are and what the average price for a house there is, no one can even guess.
- Anonymous2 months ago
I would have to say no.........................
- How do you think about the answers? You can sign in to vote the answer.
- StephenWeinsteinLv 72 months ago
It's enough for a house in some places. You might have to live in one of those places.
- EvaLv 72 months ago
You don't make enough to buy a house and pay all the associated expenses. Mortgage rates are actually very low right now, so you "heard" wrong. You need to find a much better job.
- Raymond L.Lv 52 months ago
so many unanswed questions here.
How much is the total cost of the house???
Mortgage rates are at all time lows. you can get a 30 year fix at 2.875%
with that kind of a down payment if your house costs more than $110,000 i doubt you would be approved for the loan
- DzeLv 72 months ago
depends on how much you pay for the house lol ... i would suggest thinking about getting a place maybe further out in the sticks so to speak, probably for alot less than in a more urban area .. you may have to drive more but figure in whats plausible .. to me an hour or so one way drive to a job is about the limit, preferrable less, but look around ..
- Anonymous2 months ago
Yes. Save $1800/month for the next six years and you should be able to pay cash for a $150k house.
By the way, if you only make $1800/month, you will find it very difficult to live on your own and maintain a home even if you have no mortgage payment.
Since you have a free place to live, why not invest that 35k in getting yourself an education or learning a skilled trade so that you can triple your income? Being a homeowner with no skills and a minimum wage job for the next 40 years is a bad plan.
- ScottLv 62 months ago
Probably not. But it depends on how much the house costs (including taxes and insurance) and what your other monthly expenses will be.