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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Advice-brokers welcome
MY FIL and MIL are looking to buy a house.
She is an RN and makes 67k a year
He makes 35-40k a year
They want to buy a house that is 430-460k
Thier credit is in the 700's but they dont have alot to put down.Maybe 50k saved includes closing cost $$)
They have no bills.
Can they afford to live in LI?????
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Posted 1/31/07 5:36 PM  |
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danielleandscott
My new 71 Super Beetle
Member since 5/05 13476 total posts
Name:
Scott
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Re: Advice-brokers welcome
I think they would have no problem buying a home. If I was them I would look for a home in the bottom of their budget instead of looking for homes around $460k.
They may even be able to find something that they like for under $430k with how the market is now. It depends on the areas they are looking in though.
Are the prequalified? If not, they should do that right away....
Scott
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| Posted 1/31/07 6:07 PM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: Advice-brokers welcome
Thanks Scott-I knew you would know
:)
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| Posted 1/31/07 7:37 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Advice-brokers welcome
They might get qualified for that much, but if they run what the bills will be for each month including taxes, LIPA, electric, etc., I think they might find they may be in over their heads.
Say they put down $35,000 and put the remaining $15,000 towards closing costs. For a $450,000 home monthly mortgage payment is about $2500. Say taxes are $600 a month, figuring $7200 a year. That brings them to $3100 a month, plus figure maybe another $1000 for LIPA, water, heat, electric, cable/phone/internet. They are bringing home after taxes about $5200 a month (probably less if they are nearing retirement and socking more away into retirement funds)....That leaves them with like $1000 for EVERYTHING else...Food, gas, car insurance, etc. I think they need to sit down with an accountant and crunch numbers. I would go for something in the $350-400 range.
Message edited 1/31/2007 7:52:20 PM.
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| Posted 1/31/07 7:40 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Advice-brokers welcome
Posted by nov04libride
They might get qualified for that much, but if they run what the bills will be for each month including taxes, LIPA, electric, etc., I think they might find they may be in over their heads.
I agree -
FH and I make more than that - and spent the same amout of $$, but our house was under $400K -
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| Posted 1/31/07 7:48 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Advice-brokers welcome
what about a 55+ community?
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| Posted 1/31/07 8:29 PM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: Advice-brokers welcome
Posted by Beth1210
what about a 55+ community?
Nope they wouldnt consider it plus they have a 16 year old who would have a heart attack.
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| Posted 1/31/07 8:41 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Advice-brokers welcome
honestly, no, I do not think they can afford that much house. including taxes and all the other bills they would struggle to make it work each month. they might not even be able to make it work.
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| Posted 1/31/07 8:52 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Advice-brokers welcome
do they work here now?
bc I have friends that are RNs, and they make in the high 50s and are in their mid 20s, she might make more money than $67K...
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| Posted 1/31/07 9:03 PM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: Advice-brokers welcome
she just passed her RN at age 50. I know her finances.
Message edited 1/31/2007 9:39:07 PM.
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| Posted 1/31/07 9:38 PM |
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danielleandscott
My new 71 Super Beetle
Member since 5/05 13476 total posts
Name:
Scott
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Re: Advice-brokers welcome
Thats why I said maybe they could look for a house is the lower part of their budget.
Even if they look for a home under the $430k they may be alright.
I would have them get pre qualified first. Then figure out their bills that they have and estimate oil, electric, and water, plus money for what ever comes up. If they find that they will be able to afford all of that each money and still have some money left over for groceries, gifts, gas, etc....Then they should be ok.
This is what we did. We got approved for $400k, and then we figured out that we wouldnt be able to afford anything over $380k, so we looked under that and were lucky enough to get our house for $369k.
Scott
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| Posted 1/31/07 9:39 PM |
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LMFitz
life is good
Member since 5/05 2013 total posts
Name:
L
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Re: Advice-brokers welcome
I think they'd be over-extended.
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| Posted 1/31/07 9:54 PM |
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Re: Advice-brokers welcome
I've seen people spend that with less income but I am not saying it is a good idea. They may be able to do it if they find a home w/ low taxes.
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| Posted 1/31/07 11:24 PM |
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MSeid
LIF Adolescent
Member since 11/05 805 total posts
Name:
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Re: Advice-brokers welcome
It also depends on the quality of living they are looking for at this age. For young couples it may be ok to struggle for the first year because salaries will most likely increase. A loan that big at their age might be overwhelming. If they are ok with making sacrifices at this age to own a home then I say they can definitely do it, especially if they have no car payments.
If they don't want to struggle or want a better quality of life I would suggest a townhouse or condo? And to be honest there are plenty of cute capes in the low 400's.
Bottom line is they have to do what they feel comfortable with. Everybody's financial situation and expectations are different.
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| Posted 2/1/07 6:41 AM |
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