Home Buying in 31709>Question Details

Clearcoatmama, Home Buyer in 31709

I AM LOOKING INTO PURCHASING MY FIRST HOUSE.IS THERE A CERTAIN PRICE RANGE I SHOULD TRY AND STAY IN?

Asked by Clearcoatmama, 31709 Mon Nov 8, 2010

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I agree with everyone else, You need to find out what your debt-to-income ratio is and then base a monthly payment off of that. This monthly payment should be something you are comfortable with and can afford. Once you have this number, find out how much the loan would be for that particular monthly payment. I wish you the best of luck and hope things work out.
0 votes Thank Flag Link Tue Nov 9, 2010
Hello,

You might be better served by arriving at an ideal monthly payment for your specific situation. You should determine the dollar amount of your current living expenses and then assess how well your overall current obligations are being met. If everything is being paid on time and a few hundred dollars are still left over after you've allocated an acceptable portion of your income to savings, you might be in a pretty good position to buy.

Here's a white paper that may help you understand how to prepare to purchase a home. It should not be considered legal advise nor agent counsel, and it does not (nor cannot) specifically answer your question about a price range, but does cover some important information about how a lender will evaluate your readiness at this time.

http://tinyurl.com/2v7b8yp

You'll find additional steps in the lower left area of the blog site below.

If you are not working with an agent, please call so that we can discuss your specific needs.

Thanks
Solomon Greene
REALTOR® Keller Williams Realty Atlanta Partners
(678) 775-2677
0 votes Thank Flag Link Tue Nov 9, 2010
You need to be at a payment where you are comfortable. There are many factors in determining a comfortable mortgage, and you should contact a local loan officer.
0 votes Thank Flag Link Mon Nov 8, 2010
The only way to find that out is to have a loan officer review your income and asset information, and see what kind of loan you can qualify, assuming that you are not planning to pay cash. Obviously if that were the case, you wouldn't be asking this question.
The loan officer will look into what other debts you have that need to be factored in, but will need to get an idea of what the property taxes and homeowner's insurance tend to be in your area. What I usually do is ask my clients what kind of things they have been looking at. We will start with that price range, and see if they have enough money for a down payment and closing costs, then see if the debt-to-income ratio will work.
To get a recommendation, ask any friend, relative or co-worker who has purchase a home recently.
0 votes Thank Flag Link Mon Nov 8, 2010
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