Buying a Home help?

My gross income is around$45.000 a year and Some money I make thru cash as well. I'm currently renting and have a overall credit score of higher than 730. I'm in NY and the house don't come cheap. Would there be a possibility for me to buy a house with my income, I've recently gotten out of college and have about a 7k in loans. Would banks be willing to lend me $400 or 500k to buy a house. Anyone help or suggestions would be greatly appreciated.

Buying a Home help?

first of all if you buy a 400K you will need about 100K down payment -- think you should lower your sights little == with you outstanding credit score you would be better off looking for a starter home in the 175 to 200K range!!!

Buying a Home help?

$400K-$500K is probably not realistic - unless you have a huge down payment that you forgot to mention. A good rule of thumb is to not have a monthly mortgage payment more than 25% of your gross. That's under $1000 a month for you. If you are just starting out and need everything to put into a house, then 25% is too much.

You might be able to qualify for a loan that starts out cheap, but the payments rise in the future. This is a bad plan because the payments rise much faster than your salary. (If you get a 5% loan and the rate increases by 1% next year, you need a 20% raise next year to cover it. People often think they need only a 1% raise.)

Remember that, rather like a used car salesman, the realtor and the loan officer get paid more if you borrow more. Their advice to buy as much house as you can afford, or their efforts to finagle SOME way to qualify you for a BIG loan serves their intersts, not yours.

Perhaps a more %26quot;modest%26quot; home could suit your needs.

Buying a Home help?

You should be able to get a good home in NY state without paying $500,000. Your credit score is very good and it will help.

There are good deals throughout NY as long as you are careful who you buy from.

Many many used homes with problems are selling for more than the cost of land and a brand new home.

What area are you in?

Buying a Home help?

your credit score is 730? you go right now to a mortgage company and go borrow it. dont deal with bamks. they are to picky and they require everything under the sun. with that credit score you got it made. i have a credit score of 490 (very bad) and my loans total up to about 15,000 dollars. i only make about 21,000 a year. and had to get my dad to co sign so i could refinance my house....find that house!!!!!!!!!! get a fixed rate so your payments wont go up