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FIND YOUR DREAM HOME OR APARTMENT
Seens that someone is putting out bad information. FHA will not allow you to use more than 29% of monthly income towards the TOTAL house payment in any state.
$20,000 annual income is X 29% =$484.00 to be used towards the home payment.
if thats the case, than you would have to subtract about $130.00 + or - a month for Taxes , Hazard insurance and Mortgage Insurance premium (MIP to the FHA). so that means that out of the 484.00 u only can use $354.00 + or - for the mortgage payment
at an interest rate of 3.9%, the factor is $4.75 for every thousand you borrow so
$354 divided by 4.75 will get you a $75,000 house.
$354.00 Principle and Interest
$100.00 Taxes & Hazard Insurance
$ 30.00 FHA MIP
-----------------------
$484.00 Total Payment.
With their math, we will continue to have many more foreclosures. This is not Demo or Repub because both parties will say or do anything to get in office, this is the shady lenders and uninformed realtors along with un licensed Mortgage Loan Officers.
You make the call
Attention MSN: If anyone buys a home in New York City for $429,900 on $63,712 annual income they will need to live in poverty or eventually go bankrupt. The writer of this article is either a fool or a moron. Your fact checking procedures are obviously a joke(if they even exist). Im done with you.
No cable, no phone, little travel, work close to home and save, take lunch to work, have no children and other sacrifice in life and you might be able to do this, My life style has me at 50k tops the insurance and taxes kill more expensive home dreams. Just saying it is possible but you cannot support the stores and prices that exist in today’s markets. Note that at 35k a year you are in a 15% tax bracket, If you take advantage of ever possible avenue you can do what they say in the article and buy a home instead of renting but it would be hard. 1000000 on a 30 year mortgage at 4% = 477.42 not including taxes and insurance. This is within the range of a low rent apartment. I imagine that if you are well versed in a lot of money matters or have good advice you might be able to see this happen. the issue is in what and where you place your values stops a lot of people from gaining the most out of what we do accomplish. Go a month or two on a reduced budget a see what you can save the try and forum a budget based on the reduced spending model.
This article makes perfect sense if you can afford to put at least 70% of your income toward your mortgage. If you don’t want or need things like water, food, electric, cable, furniture, transportation, clothing, savings (for emergencies or retirement), etc., then this article seems perfectly logical.
This article makes perfect sense if you can afford to put at least 70% of your income toward your mortgage. If you don’t want or need things like water, food, electric, cable, furniture, transportation, clothing, savings (for emergencies or retirement), etc., then this article seems perfectly logical.
THIS IS OUR TIME! Time to get our share of the wealth. G000GLE the term ''SLICK RICH CASH'' and go the very first website. Once you get there, click on their insurance page to see what the rich are trying to keep all for themselves. Don't let their greed take it all...get some for your family.
