I will keep this short and to the point: With a monthly income (after taxes) of $3,300 what size of house mortgage could I get away with? I have excellent credit history, this would be my first house, and I am not buying right now this is for when I graduate.
I would go with something like 2000 a month. That way you have 1300 for necessities, food, and of course herb.
I've heard of people renting appartments when they graduate highschool, but for an 18 year old highschool graduate with 3,300 monthly income, paying for a house sounds pretty tough. are you living by yourself?
3300 a month is enough for a house no doubt. Unless they live in a really expensive part of the country. You gotta think thats almost 40 grand a year. I know people who make less than that that are home owners.
rent-to-own a nice double wide trailer in a nice trailer park. its like a house, but cheaper. and in 2-5 years you will own it. then you can rent it out to someone else and mortgage a house.
buying a house at 18??? that's pretty ambitious.. and probably not very realistic. My parent's make just over 100k a year with my mom only working part time, and their morgage is no more than like 1400, and we live on 3 acres in the country. Just rent a place.. You don't know what's going to happen in your life down the road. Believe me!!!!
id rent a place- what ever kind of place- weather it be a house, trailer, apartment or room of an apartment with some one else. everything would be even cheaper and just make sure you have your own rooms and some of the same friends. that way you know them and know there are good with paying on time and shit like that. save the shit out of your money even more and then buy a house or whatever.
The bank will not approve you for a very high mortgage because you are young without much of a credit history. I would say buy a small condo or rent for a few years, save up a nice deposit and then get a house.
Haha, yes that would be quite ambitious. This is for when I graduate, which will be in 4 years. I have heard 3.5 x annual salary is maximum for a house loan, but I have used online calculators from mortgage companies and gotten really weak estimates (<$100,000). How much have you (homeowner reading this) gotten approved for, and how much is your annual salary? (if you are comfortable talking about it.)
I've never owned a home and my credit is shit cause the day I turned 18 I started taking out bank accounts and then maxing them out and owing the money. So I was never able to get any credit cards. Plus I haven't had too many bills in my name besides phones, utilities, and stuff. I have a couple thousand dollars to pay off before I can open another bank account, and maybe get a credit card someday to start building credit. But as long as you can put the money in the bank while you're in college than you should be fine. It would be nice to own your own home, but hard if you don't have enough in savings.
