shjon337, Home Buyer in Brooklyn Center, MN

If your salary is 30,000 annually, what should your price range be?

Asked by shjon337, Brooklyn Center, MN Tue Oct 30, 2012

I also have the VA Loan on my side.

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Answers

7
Debt ratio & FICO scores will also be very important factors.
1 vote Thank Flag Link Wed Oct 31, 2012
Roghly; there are two ways you can look at it (roughly);
Take about half your gross, $15,000 and divide by 12; or $1,200 per month, which would translate to about $120,000 house.

Or, you can take what you are presently spending on rent and add 25%; because of the tax deductions.

You know what you are spending on a monthly basis, and you know what you will be willing to give up to have your own place: Is that Friday Pizza and Six-Pack really more important? Do you have to have the lastest CD's or Games? You could add $200 per month to your budget.

Good luck and may God bless
1 vote Thank Flag Link Wed Oct 31, 2012
There are lots of factors in play besides just your salary, it depends on what other payments you have and also the location of the property since property tax varies from area to area.
1 vote Thank Flag Link Wed Oct 31, 2012
Hi, shjon337!
OK, so we know how much your salary is. And, in a very BROAD way, one might say you should be looking at something that's approximately 3x your salary. BUT, BUT, BUT, there are very many other factors that come in to consideration when determining a safe purchase price for you.

If I were you, I'd consult a loan officer at your bank or even seek out a mortgage broker to help you make sure you're protecting yourself and your assets by not overspending.

Good luck!!
1 vote Thank Flag Link Wed Oct 31, 2012
Knowing your salary is simply enough information to thoroughly answer that question shjon337. The single best way to determine what your price range should be would be to talk with a mortgage expert. They will factor in the other determining factors such as your total debt, monthly obligations to calculate what your buying power should comfortably be. If you want a trusted mortgage expert's contact information drop me an email and I'll get you connected with one. My email is Donavon@YouWillBeMoved.com.

Kindly,

Donavon DesMarais
Real Estate Agent Advisor
Keller Williams Classic Realty NW
763-496-2953
1 vote Thank Flag Link Tue Oct 30, 2012
You would benefit by getting a snapshot view from a good mortgage officer. I work with one I certainly could recommend and we specialize in the Brooklyn Park, Brooklyn Center and the other West/Northwest suburbs. When you qualify for a mortgage, your situation can help you greatly. For example, you may be eligible for community grants and help if you are a first-time buyer. Some specified areas, types of properties, or even designated homes eligible for particular programs. You can assess with your loan specialist whether the VA loan is best or if you would be better off with another product. When income is assessed, your annual or monthly gross is important, and any other loans or financial obligations come into play, too. Email me or call Liz at 612-986-4105.
1 vote Thank Flag Link Tue Oct 30, 2012
As a Mortgage Loan Officer it is very important to get pre-approved before starting to look for a home. As all monthly payments, income, credit score, down payment and other factors come into the mortgage pre-approval. i would be happy to help you if you have questions.
Please feel free to contact me directly.

Respectfully,

Shawn Sullivan
Mortgage Loan Originator
NMLS #350140

Direct: 612-747-8200
FAX: 612-573-6604

My Website: http://Www.ShawnSullivan.Biz

WJ Bradley Mortgage Capital LLC
Edina, MN
NMLS ID 3233
0 votes Thank Flag Link Tue Jun 11, 2013
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