What price ceiling should I be considering for my budget?

Asked by lillylee, Fort Lauderdale, FL Tue Oct 9, 2012

If I want to spend a maximum amount of $110,000 on a small home that may or may not need some updating what should my price limit be?

Based on potential negotiations and comparable houses that have sold in the areas I'm considering how much higher than my price limit should I use when searching for a house? $120k, $130k, $140k?

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Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Tue Oct 9, 2012
Mortgage Broker responds.

My advice, especially with rates for qualified borrowers so low, is to buy the nicer home.

Don't buy a "money pit" playing contractor like on TV that will be a 3yr costly nightmare, when $25,000 is only about a tax deductible $100.00 mo. in payment.

See loan programs including 100%, and No PMI here: http://www.trulia.com/blog/steve_31/2012/07/2012_loan_progra…

Call me to talk about options and strategies.

Steve McRory

Pro Option Mortgage/Florida



Ph: 888 662 4404

Prior Service U.S. Marine Corps
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