maridupe1997, Home Buyer in Royal Palm Beach, FL

how much can we afford if we make avg. $50 K a year?

Asked by maridupe1997, Royal Palm Beach, FL Wed Jul 10, 2013

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Answers

6
There's another way that you can roughly figure your Budget:
Use your present budget.
Take what you are presently paying for rent and add 25%; this allows for the intrest tax deduction to for the IRS.
You have bills and a lifestyle; possibly including pizza, DVDs, Clothing, Food, etc.
This assumes that you will not change your Lifestyle when you get your house; which you should!
1 vote Thank Flag Link Wed Jul 10, 2013
M- Shirin is giving good insight! Your income is only part of the equation!
Besides credit and savigs there is a simple " debt to income "
ratio you can use to get a rough idea.of a Banker's view!
But what you can "afford " is on you! Simple test: How flexible
would you be on your rental costs?
The lesser of the two numbers is what is realistic for you.
Contact me for more information or leder contacts! The
link below will be helpful!

http://www.pbc-realcam.com/mortgage_info.asp

Bob Brubaker Highlight Realty Palm Beach County Fl.
Web Reference: http://pbc-realcam.com
0 votes Thank Flag Link Mon Jul 15, 2013
Please know there is more to loan qualification than just income. What lenders look at to qualify a borrower is based on income+ debt/s + credit history+ employment history.

Shirin PourParviz
Residential Mortgage Acceptance Corp.
954-573-1148
0 votes Thank Flag Link Thu Jul 11, 2013
In order to give you that number we would have to know how much debt you have. This is how we calculate your debt to income ratio. The first on the list for purchasing a home is speak with a lender to know how much home you qualify for. After you receive a preapproval letter, please call me and I can show you some great homes.
Thanks frank
0 votes Thank Flag Link Wed Jul 10, 2013
Dear Sir or Madam,

I would recommend contacting a lender to get a pre approval for a loan. They will evaluate your income, your expenses, etc to give you an exact number of what it is you can afford.

If you need a list of lenders, please feel free to contact me.

Regards,

Sandra Gold - Realtor
Keller Williams
561-860-3321
DestinationDreamHome@gmail.com
http://www.sandragold.kwrealty.com
0 votes Thank Flag Link Wed Jul 10, 2013
That would depend also on your monthly debts and the type of debt. If you would to discuss it, you may call me.

Marc Fardink, C.F.S.
Certified Financing Specialist
Realtor
EXIT Realty Premier
(561) 676-2410
http://www.MarketMarc.tk
0 votes Thank Flag Link Wed Jul 10, 2013
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