What is my price range on house w/savings 50k and income 2k?
929037
Take your 50K and go to college at night, rent until you're out.\n\nYou're only making 24 grand a year and if you want the 4 year old to have a better life you need more income to provide for your family.
22735
Depends on how long you plan on being here and if you can afford it.  In the bay area, houses are still SO expensive...we pay 700,000 for small 2 bedroom homes here!  Southern CA isn't as bad though and out in the middle, it's still reasonable.  \n\nIf you're only here a couple years, renting might be best, but if you're here long term, it's a good investment.
323919
I would suggest getting an up to date valuation from the company which initially valued the property at 50 to 60 k more. If the valuations are miles apart suggest that you would like to take the valuations to arbitration or contact the valuers institute and ask them for advice.
581307
I say $50,000 as well because we do it.  It's a joint income household and we manage to not only save at least $10,000 a year but also have plenty to live and play on.  It's all about keeping that money monster under control :o)
133355
This is for bangalore...\n\na) decent education for our 2 children, 7 and 10.\naround 48000rs per annum per child in a good school\n\nb) a home (3 br apartment in upper middle class neighborhood - 1500+ sqft)\n35 Lakhs\n\nc) a vehicle\n10 Lakhs\n\nc) Residual income to maintain monthly household expenses\nLook at the table bellow\n\nYears To Retirement\nInflation Factor\nCurrent monthly income\nCorpus = Current monthly income * Inflation Factor\n\n10  268.78  15000  4031700\n15  311.6   15000  4674000\n20  361.22  15000  5418300\n25  418.76  15000  6281400
114313
There really is no minimum income, per say, but rather the amount of income needed to prove to the lenders will really be determinant upon how much the house you are looking at costs and how much open debt you have and your monthly payments. Your credit score will also be a very large determining factor and if it is high enough, your minimum income needed will be lower and not so much a factor and in some cases you may not even have to prove your income if you have high enough credit scores and stable work history. \n\nYou need at least a two-year work history, preferably at the same place of employment, but I have closed loans with buyers who have been in the same field but not the same position or company.   On average, your debt to income ratio should be around or under 50%, but that really will be determined by how high yoru credit scores are.  Some lenders want them around 40%, some will let you get away with 55%.  Example:  You pay $2000 in bills every month, in order to maintain a 50% debt to income ratio, then you would need to prove at least $4000 of income with yourself and/or co-borrower, including your new house payment.  But like I said, there are other ways if your credit is established and high enough and there are government programs available.  Hope it helped you out some.  If you have any other questions, edit on this post and I can try and help you out.\n\nIt's more a combination of your credit, work history, and income that will play the determining factors when buying a house.
402177
It depends highly on your income.  Look at the 1040 tax tables to get an idea for federal.  But typically, take home is 60-80% of gross.
321574
Okay...\n\nYou've made $8250 from the first 100k, that's established.\n\nThat means you've made another $7000, at a rate of 5%.  (Add $140,000).\n\nSo you've got a total price of $240,000 for the property.
121309
Be aggressive with your career goals and go after your dream job or career early.  When you are married with kids and a mortgage, you won't be able to take chances.\n\nAlways, always, always, live below your means.  If you make $3,000 a month, live like you make $2000 - $2500 a month.  Take the difference and start systematic monthly investing into a good growth or index mutual fund.  \n\nAt 25, if you invest $500 per month with a 10% return compounded annualy, when you turn 40 you will have $200,000 and when you are 65 you will have $2.8 million!
958647
Most lenders look at you in terms of DTI when considering if you can afford a house. Your DTI is debt to income ratio. Going with a "conventional" mortgage program requires that your DTI is less than or equal to 38%. This means that your total mortgage payment per month can be no greater that 38% of your total monthly income. Sub-prime lenders allow you to go up to 55% depending on the total amount down.\n\n$33,000 per year puts your GROSS monthly income at $2750 per month. Per sub-prime standards, you COULD take out a mortgage with monthly payments at $1375 per month, IF you have no other debts! If you have anything you are paying on right now (car note, credit card debts, student loans, etc.) those come out of the gross monthly salary as well. \n\nYour best bet is to talk to a trained mortgage professional to see what your options are, get yourself pre-qualified for a loan then go on a house hunt! It is possible if you just look into your options!!
996091
Hi I work for a mortgage bank people with good credit  700 and above going full doc (W2 etc.)  0 x30 ( no lates) on your mortgage  no bk  good clean credit you are in the range of 6.75 with no PMI or MI even over 80 ltv this is a 30 fixed mortgage with no buy downs (read GMAC & quicken fine print) If you have any other questions please email at johng@oldmerchants.com
48928
The short answer is you can't.  Unless your job is bringing in over 200K a year or so.  I used to live in San Diego and now work in the mortgage industry.  The median home price in San Diego is about 550K.  For example, if you have a 30 year fixed mortgage @ 6.5% on a 550K home, your mortgage payment is going to be $3,476.37 and that's not including taxes and insurance.  If you're bringing in 100K a year that's $8333 a month you're bringing in before taxes.  After  taxes there isn't much money left over for actual living (food, gas, credit cards, etc.)\n\nI would definitely look into foreclosures or talk to a bank about REO homes (They'll know what you're talking about)  Interest only is alright only if you're making a little more than the minimum payment, or if you expect your income to increase, or you expect your home to appreciate in value after the interest only period is over.  Good Luck!
544234
Best way to find out is to get a free pre qualification done with a lender of your choice.  This will help you in many ways.  \n\n1.  You'll find out the various programs available.\n\n2.  You'll know exactly how much home you can shop for given the outcome of the lender evaluation.\n\n3.  You can ask the lender to provide you with a letter stating you are pre-qualified for xx amount...this makes any offer you do make on a home that much more strong and definitely more attractive.  If it came down to picking between two offers, the seller will almost always take one that is pre-qualified over one that isn't.  (Always have your lender tailor this letter to the specific offer -- no need to let someone know you are qualified for $250K if you only want to offer $230K on a home :)
480454
You would have to know what the rate is first.\n\nif the interste rate was 8.0% ( I am using US Funds)\n\n200,000.00 x 8% =16,000 x 25 = 250,000.00\n\nMortgage payments per month = $2,185.00\n\nCheck with a bank or mortgage company to get it converted if needed.\n\nIt is very important to know what rate you will be paying.
1101924
Ok here goes.  Get a paper and pencil and make a list:\nRent\nUtilities (Elec &/or gas)\nFood (a biggie, don't short yourself!)\nPhone (optional)\nTV/Cable (optional)\nParking (if applicable)\nInsurance (for your car, if applicable)\nAny Payments (car, etc. that may be applicable)\nNow, fill in the projected amounts, based on apartments you have looked at, questions about average utility payments, etc.  Now, talley it up and compare it against your (projected) income.  This will tell you A0. if you can make it, B. what your limitations are, and C. what you can afford as far as housing goes.
281287
If you have excellent credit you can apply for a "stated" mortgage. That is where you "state" your income but don't need to document it. It will cost you another .25-.50% on your interest rate but you will be able to buy a home.\n\nGood Luck
736278
It really depends on the area in which you want to invest.  It can range from $150,000 all the way up to $750,000+.  What I really want to do once I get my finances in order is to flip houses, that is where the real money is.  =)