I will be moving to Annapolis this year and am looking to buy a home there (unfortunately very expensive real estate in that area). The homes I'm looking at are in the 300,000 range. This will be my first time applying for a home loan, and I'm confused about how to calculate what I can afford. Currently own my present home (no mortgage payments). If I make 60,000 a year, have 100,000 available as a down payment, and a %26quot;good%26quot; credit score, could someone give me an idea of the home loan amount I could get? Thanks!
Moving to Annapolis maryland- what home can I afford?
Never spend the outside maximum limit that you can possibly get. Tomorrow has no guarantees, except higher taxes and insurance and unexpected expenses.
IMHO, you can afford about $1500 mortgage (with taxes/insurance included). I wouldn't put the maximum down, experts say you should have six months salary in firm reserve. Then you need %26quot;normal%26quot; savings and splurge money.
I'd say you have about 70,000 to put down. I'd lower my shopping range to 200,000. That should put the home within reach and not leave you cash-poor.
Moving to Annapolis maryland- what home can I afford?
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Moving to Annapolis maryland- what home can I afford?
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