Can I afford a house at this income?
Date: Sat, 01/02/2010 - 01:32
Currently I'm sharing a room with a roommate but I am looking into buying a house of my own. The recent slump in the housing market has further encouraged me in considering buying. However, here is my issue.
I'm presently earning around $76000 a year
Paying rent for $1500 a month
Gas and food $750
Total monthly payments on credit cards $875
Credit score is around 635
My question is, can I afford a house with this income? Would I qualify for a mortgage? If so then for what amount and if not, then what I can do to better my chances to get one.
By the way, I also have two sixty days late reported in my credit report.
Hope you guys can help me.
I'm presently earning around $76000 a year
Paying rent for $1500 a month
Gas and food $750
Total monthly payments on credit cards $875
Credit score is around 635
My question is, can I afford a house with this income? Would I qualify for a mortgage? If so then for what amount and if not, then what I can do to better my chances to get one.
By the way, I also have two sixty days late reported in my credit report.
Hope you guys can help me.
Thanks Soaplady for the prompt reply. I'm in IL and the averag
Thanks Soaplady for the prompt reply.
I'm in IL and the average market price for real estate in this area is around $1,52,000 give and take few thousand dollars.