Can you afford to buy a home?
As I am a young, and non married, person living in Austin, I have thought this exact question to myself as well. Have you? What I found out, is that YES, I could afford to buy a home, and . .. I did!! :)
So can you!
Owning your own home/condo/duplex, does not have to be just a dream. With low interest rates and free money (up to $8,000) from the government as incentive to buy, there is no better time to purchase your own home than now.
Here are a few general requirements that a lender will normally want to see in order to give you a home loan:
- Have you worked at your job (or in the same line of work, if you have recently changed jobs) for at least 6 months? (Preferably one year)
- Do you have a "Good" FICO score (similar to credit score)? Preferably 620 or above.
- Do you have a low debt to income ratio? (Are your minimum credit card payments and car payments less than 20% of your monthly income? Preferably less.)
If all these are true, you can most likely qualify for a home loan!! However, depending on how much you make and how much of that income after your other debts are paid off, is left over, will determine just how much of a loan you qualify for.
Check out these homes and condos in Austin, Texas and their mortgage payments.
Can you afford this?
2020 S Congress, Austin TX 78704
2020 S Congress, Austin TX 78704 (Central Austin) Listed at: $105,900
1 bedroom/1 bathroom condo w wood floors, granite counters, stainless steel appliances, and pool on-site.
With 3.5% down payment (the average FHA Loan requirement amount) of: $3,750
Your mortgage payment (on a 30 yr fixed loan with 5.5% interest) would be: $888.00/month
This mortgage amount includes property taxes and loan insurance! You can OWN for cheaper than your rent!
3204 Manchaca Rd, Austin, TX 78704
3204 Manchaca Rd, Austin TX 78704 called The Ivy Condominiums
1 bedroom/1 bathroom stainless steel appliances, granite counters, wood floors, pool on-site, laundry hook-ups. Listed at $119,000.
With 3.5% down payment (the average FHA Loan requirement amount) of: $4,200.00
Your mortgage payment (on a 30 yr fixed loan with 5.5% interest) would be: $998.00/month
6903 Deantonhill, Austin TX 78745
6903 Deatonhill Austin, TX 78745
Located in South/Central Austin
Walking distance to Central Market, all appliances come with unit, balcony over-looking pool, listed at: $51,950
With 3.5% down payment (the average FHA Loan requirement amount) of: $1,850
Your mortgage payment (on a 30 yr fixed loan with 5.5% interest) would be: $436.00/month
All of these mortgage amounts are PITI (Principle Interest Taxes and Insurance), so these include all property taxes and mortgage insurances and interests you are responsible for paying on your loan.
Can you afford these mortgage payments? Than you can afford to own!!
Email me: TaylorShults@Gmail.com with any questions you may have or if you are interested in seeing what else is available and at what prices in the area of Austin (or surrounding cities) that you may be interested in purchasing in!
The tax credit of $8,000 expires on April 30th, 2010. And don't forget, you CAN use this money up-front as your down payment!!
Don't miss out on this opportunity to own!
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