Home Buying in Chicago>Question Details

Peace, Home Buyer in Chicago, IL

If one has an annual income of $70,000 and no debts, what price range of home should one be looking for? (excellent credit hx, 20% down, 30 yr loan)

Asked by Peace, Chicago, IL Thu Feb 23, 2012

Help the community by answering this question:


Good Morning Peace,

You are best to talk with a experienced mortgage lender to look at options and get preapproved. Alot is going to depend on the area you are looking, property taxes, association dues... I would be more than happy to give you talk to you more and preapprove you. Please contact me at the below phone/email.

Good luck to you in your home search. Home prices and rates are positioned for someone to purchase a home and get a great deal.


Nick Nelson
NMLS #384413
1st Step Mortgage Group
6876 Spring Creek Road, Suite 124
Rockford, IL. 61114
815-289-0880 - Phone
nickn@1stepmortgage.com - email
0 votes Thank Flag Link Fri Feb 24, 2012
The answer is going to really vary and depend on what you are comfortable with. A mortgage broker will be able to provide you with both aggressive, and conservative numbers - it will be up to you to decide how much "cushion" you want in the end. You'll most likely qualify for around 200K, which buys you a pretty nice place these days depending on the area you are looking. Feel free to visit my website - http://www.SelectiveBuyer.com, and use the loan calculators to give yourself a rough idea of what kind of payments you'll be able to take on. Also, click on the "Send me properties" tab under Buyers, and I'll be happy to email you everything that meets the criteria you outline in whichever areas you select. I also offer a ton of incentives to buyers as well - so let me know if you have any additional questions and I'd be happy to help. Happy hunting!
0 votes Thank Flag Link Thu Feb 23, 2012
Hello Peace,

According to my friends in the banking, rule of thumb is to multiply the income by 3 and it gives you a rough idea what you can afford. Property tax, association dues, have a huge impact on your monthly payment.
That being said, it is always a good idea to see a loan officer at your local banking institution.

Please let me know if I can be of any further help.


Mark Minorczyk BPOR, SFR


Cell: 773-320-0020


buying â–  selling â– leasing â–  relocating â–  investing â–  I can help!!!
Web Reference: http://www.markmrealtor.com
0 votes Thank Flag Link Thu Feb 23, 2012
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