Can I afford a house?
I just graduated college, could afford a 15-20k down payment (probably would require an FHA loan) and make about 25k a year. Starting next year I will in my career making 60k. I currently rent and feel like I am just dumping money. I wouldn't want to be in a position where I am "just scraping by" but I live modestly as it is. by gracelewis25648 from Royal Oak, Michigan. Apr 25th 2020
Hey Grace, financially you should be able to buy a house. There are some other aspects that could affect your ability to buy a house, like credit and what your liabilities are versus your income. Feel free to reach out to me through email and I would be happy to help you look into this further. Dustin@tkmortgage.com
Grace. Hope you're staying safe. There are many qualification aspects of a mortgage, but depending on your overall debt currently in regards to student loans, car payments, or any type of credit card or finance loan, we would have to run numbers to see where things would fall. Based upon your income of $25,000, the maximum debt to income allowed for any type of mortgage currently would be 50%. So basically you could buy a house for roughly $900 per month total payments and qualify a $25,000 a year as long as you have no other financed obligations. Feel free to reach out I'd be happy to answer any questions. Stacy
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