a modest home in a non shitty area on like 36,000 a year

4/30/2007 11:24:28 PM

Yes. Yes it is.

4/30/2007 11:26:25 PM

i dont see it though

4/30/2007 11:26:51 PM

How much would that be after taxes?

4/30/2007 11:27:43 PM

basic rule is you should be able to afford 3x your income on a 30 year mortgage

4/30/2007 11:28:41 PM

townhouse. Holly Springs isn't bad

4/30/2007 11:30:17 PM

Quote :

"basic rule is you should be able to afford 3x your income on a 30 year mortgage"

You can spend more than 3X your income. It will be tight, but if you don't pay much in taxes and don't have a ton of monthly reoccuring bills then you could probably get more.

[Edited on April 30, 2007 at 11:39 PM. Reason : ]

4/30/2007 11:31:40 PM

Our mortgage (140k), taxes, insurance, etc. is like 970.

I live in a nice 1350sq.ft. house in a good community in Garner.

I would say you could afford that, but it depends on your spending. You may need at least 10% down though.

[Edited on April 30, 2007 at 11:39 PM. Reason : ]

4/30/2007 11:37:43 PM

Just don't move to the west coast.

4/30/2007 11:48:56 PM

i would get a roommate...it doesn't make sense otherwise imho for you

4/30/2007 11:55:13 PM

gotta go outskirts

Garner, Holly Springs, Fuquay, but don't put yourself in a bind. A roommate (if you're not married or whatever) sounds like a solid option.

4/30/2007 11:57:03 PM

my original mortgage loan was for $163K (i put $40K down). my monthly payments are only $1,130.47 + 185 HOA dues (bullshit)...my roomies pay me a combined total of $900 a month. i also locked in on a 30 year fixed rate of 5.65% in January '04.

5/1/2007 12:02:54 AM

http://tinyurl.com/29pon9

Bling Bling.

5/7/2007 5:33:59 PM

Quote :

"a modest mobile home in a non shitty area on like 36,000 a year"

[Edited on May 7, 2007 at 5:55 PM. Reason : sorry, i couldn't resist...as you were]

5/7/2007 5:55:20 PM

3 years out of school and my girlfriend and i just got preapproved for a 400k loan, 30 years fixed at 5.85%

we're looking to get a 2 bedroom condo, maybe 1100 sq ft.
san diego real estate

5/7/2007 5:59:02 PM

We got our mortgage 4 yrs ago with a combined income of less than $40k/year. Now we're relocating and selling our house ... 1800sf ranch on a little over an acre in a neighborhood near Fuquay. Got new carpet on Saturday, almost done painting, asking 150k [/shameless plug ]

5/7/2007 6:02:23 PM

the house i bought is a little less than 5x my annual income, but i had a nice chunk to put down ~25%, so my mortgage is about 3.5x my annual income. I can swing it on my own, but I'm going to have a roommate to help out a bit.

i'm subscribing to the buy every bit of what you can afford school of thought for real estate purchase. if you just count on 4% inflationary raises, your house payments will become more and more affordable each year and you will grow into your home. that said...don't overextend yourself.

to answer the question...without knowing your financial situation it'd be difficult to say. but with no car payment/student loans...i would think you could afford something around 130k which will buy you a pretty decent townhouse in raleigh...or a small house out in holly springs/garner/fuquay. i'd say get a roommate and try to spend around 150k and you can get a pretty nice townhouse in raleigh.

[Edited on May 7, 2007 at 6:35 PM. Reason : and i feel like i read this same thread about 6 months ago...]

5/7/2007 6:33:57 PM

you could buy a townhouse in my neighborhood for 36,000/year if you have a roommate. granted you could probably do it without one, but that won't leave you much left over for savings and emergency house fund.

Quote :

"my original mortgage loan was for $163K (i put $40K down). my monthly payments are only $1,130.47 + 185 HOA dues"

my payment is pretty much exactly what you pay (1,142/month) but my loan amount was 178k with a 5% fixed rate back in june 2005? was a good time for interest heh.

[Edited on May 7, 2007 at 6:51 PM. Reason : fda]

5/7/2007 6:48:39 PM

You would not want to be paying 1315$ a month if you made 36,000$.

Well, i sure as shit wouldnt want to.

5/7/2007 6:58:29 PM

which is why a two bedroom for around 150k would be a better choice

5/7/2007 7:00:16 PM

Indeed

5/7/2007 7:05:30 PM

You could buy a house in one of the neighborhoods downtown. You're a cop ( that works in your favor), and there's a big push for the re-gentrification of the downtown area. You can easily find a place downtown for less than 100k, do some repairs to it and sit on it for 5 years (when the market is supposed to blossom) and turn around and make a big profit on it.

5/7/2007 7:29:05 PM

what kind of self-respecting Republican are you to only be making $36K / year?

5/7/2007 7:42:42 PM

townhouse

5/7/2007 8:19:31 PM

Quote :

"Just don't move to the west coast. "

or the northeast

5/7/2007 8:40:25 PM