i want to buy a house, i have seen a few i like online.i have previosly been approved for a loan by VA ad USDA. how much can i spend for a house.?

Asked by River, West Sacramento, CA Thu Sep 16, 2010

62 years old retired, fixed income of about $1700 per month no taxes . what price house does this income allow me to buy ? the price range and payment range?

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Manuel Cardo…, Agent, Sacramento, CA
Sun Nov 20, 2011
I am an agent at the local West Sacramento Lyon Office. Jim is right about the amounts to stick to. We have a few properties that would fit your budget and requirements. You can email me at mcardoza@golyon.com or call at 916-267-0747. I have been in just about every house within the city limits of your price range and I have a few in mind.
1 vote
Harry Schaed…, , Sacramento, CA
Thu Jan 20, 2011
If you have been approved for VA and USDA I would use their approvals as a highest amount you can buy at. If you purchase a duplex and use USDA or FHA you can use up to 90% of the other units rent to qualify for the loan on an FHA Loan last time I checked. If you want aI can recommend a few lenders for you to check with.
0 votes
Jim Walker, Agent, Carmichael, CA
Thu Sep 16, 2010
40% of your income is $680 per month. 41% is just under $700. If you go that high in housing expense it will leave you only $1,000 for all of your other living costs.... A condominium priced at $80,000 would be about $430 per month plus HOA dues of $200, property taxes and insurance would take you to about $680.

An $80,000 house would probably require expensive repairs, so they are out there at $80,000, but the VA won't loan on fixer houses.

You already have no taxes, so there is no tax benefit to you for owning a house.
0 votes
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