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Forum
-> Household Management
-> Finances
amother
OP
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Sun, Oct 18 2020, 9:12 am
How did it go? With the way the market is now, how much did you put down, what price were you approved for, basic monthly mortgage, interest rate...?
NY/NJ area
Trying to get some sense.
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amother
OP
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Sun, Oct 18 2020, 8:06 pm
Bump. Anyone?
Income between 60k-90k
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amother
Brown
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Sun, Oct 18 2020, 8:11 pm
Your best bet is to speak to a mortgage broker. If you are looking for a first time home buyers loan to only put down a little (I think its's 5%) speak to LLRC.
Do you have someone who can cosign?
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amother
Lavender
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Sun, Oct 18 2020, 8:18 pm
We're in middle of going through a first time home buyers program through LRRC. Income similar to you. Putting down 5%. But closing costs are another 10k approx. Speak with LRRC (if in Lakewood). They can guide you
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amother
cornflower
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Sun, Oct 18 2020, 8:20 pm
As someone in the mortgage business, you need to speak to a mortgage expert to see where your options are. In some areas that are first-time homebuyers programs, but not all areas have them. With income like that, you will probably need a cosigner to make it work.
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amother
OP
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Sun, Oct 18 2020, 8:41 pm
I hope to have 10% or potentially 20% to put down so hoping to do it without a co signer. Curious how much anyone with this income was approved for.
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amother
Cerulean
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Sun, Oct 18 2020, 9:05 pm
I am in middle of buying a house in nj
Our income is about same as yours and we putting down 20%
What else do you want to know
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amother
Cerulean
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Sun, Oct 18 2020, 9:11 pm
amother [ OP ] wrote: | Bump. Anyone?
Income between 60k-90k |
Adding - I never considered this low income?
Why do you consider this low ? Do majority of people really make so much more than that?
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amother
Saddlebrown
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Sun, Oct 18 2020, 11:22 pm
amother [ Cerulean ] wrote: | Adding - I never considered this low income?
Why do you consider this low ? Do majority of people really make so much more than that? |
There's a big jump between 60-90.
I easily got preapproved for close to 600K with this income. (Ending up backing out last minute so not sure if we would get final approval, though.)
If you'll have a tenant that would also help.
What are taxes like?
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amother
OP
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Sun, Oct 18 2020, 11:39 pm
amother [ Saddlebrown ] wrote: | There's a big jump between 60-90.
I easily got preapproved for close to 600K with this income. (Ending up backing out last minute so not sure if we would get final approval, though.)
If you'll have a tenant that would also help.
What are taxes like? |
Really-600?!! With an income of under 90k? Do you have any debt or were you able to put everything to the mortgage?
Were you putting down 20%?
The reason there's such a fluctuation on my end is because I'm self employed, so depending on the year, how much I get, how much I put in, COVID, it can fluctuate.
Taxes are fairly high. 10k-13k I think.
I don't think I'd have a tenant (potentially a single or boarder, but this is in Rockland county, so I'm a bit considered about the legality of having a real tenant).
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amother
OP
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Sun, Oct 18 2020, 11:40 pm
amother [ Cerulean ] wrote: | I am in middle of buying a house in nj
Our income is about same as yours and we putting down 20%
What else do you want to know |
Approximately how much are you able to get approved for?
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chava101
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Mon, Oct 19 2020, 7:09 am
It all depends on your liabilities
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simcha2
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Mon, Oct 19 2020, 8:19 am
Be aware that owning a house has a lot more costs than mortgage/ tax/insurance.
Other than utilities you need to figure house repairs into your budget.
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peacenine
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Mon, Oct 19 2020, 8:53 am
With the low interest rates now, you should be able to get approved for more expensive houses that you would be able to a year ago. Which is a bug plus. We've been looking in this neighborhood for a while the 2 things that help is,
1. Find a good mortgage broker and see what kind of pre approval you could get.
2. Use the Zillow mortgage app to see how much each house will cost. You could put in how much % you want to put down and add taxes and it'll calculate for you what the mortgage will be. Make sure to put in the correct interest rate as that makes a big difference.
Good luck
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