Submitted by tedgurdfjjbv t3_zu1dlr in springfieldMO
Trixxxxxi t1_j1i7wz9 wrote
Depends on your standards of living. Whats comfortable to you?
I did it last year making less than that, but its also a small house on the west side. The house is fine, but I got in right before shit got super wild. I think I did really well buying this house, and my mortgage/taxes/insurance is $550/mos. for a 90k house with about 3k down, and 2.7% interest. But I know plenty of people who would have never considered this area. (its fine. no issues ever.)
Youre not going to find any decent houses for a 100k like 2 years ago, though. It sucks.
The bank will approve you for more than you can afford if you have good credit. Don't be house poor. I was making just over 40k and the bank approved me for 250k. Don't do it.
tedgurdfjjbv OP t1_j1iiuhr wrote
The bank approved you for that much? Are you kidding me?
Trixxxxxi t1_j1j4o9w wrote
I was also shocked. My credit is good, but that's it. Never owned a house, no massive amount of savings. If I bought a 250k house no way would I have had a down payment for that much.
tedgurdfjjbv OP t1_j1jupys wrote
So interesting! If I may ask, how much did you have in savings? I have about $30,000 and everything I have is paid for.
Trixxxxxi t1_j1jz2vw wrote
Like 4k ish. Just enough. Lol
SafeFrosting1819 t1_j1nw3pk wrote
If you can afford it, a 20% down payment will secure you a good rate with most banks and you can avoid PMI (additional required fees for not having enough equity.) I suggest making that a priority when you consider what house you can afford. (I’ve bought 4 different houses in Springfield over the past 20 years and played the market well and safely enough, enough times, to roll a 20k down payment into 200k in equity today.)
nofretting t1_j1jvxp0 wrote
My ex and I had a combined income of ~100k and the bank approved us for 400k. She wanted to look at 300k houses, I wanted to top out at 100k.
I hope that whoever's living in that house now is enjoying all the improvements I made.
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