Can we??🏠

Question

Is there any way that my husband and I could buy like a $130,000 dollar home on like $1,000 combined income?? He pays for a $200 car payment right now and we have 2 dogs and 2 cats. He makes about $800 every two weeks and pays for food, and all of our bills. I make about $250-$300 every two weeks and pretty much just pay for my gas, phone, and the animals when I can. It's all I can afford. I have been thinking about going back to college on a grant and I've been applying for a job at my husband's work (it's allowed) but I would only bring about $400-$500 in every two weeks.

Answer

Oh dear, no. Your housing costs really shouldn't exceed 25-30% of your income or you'll be horribly house poor. Your house payment with escrow and everything would be like $600-$700 per month. There's no way. I'm sorry, but you guys are not ready to buy a house yet. There's no shame in renting though. You'll get there.

Answer

So overall you make about 1600 a month which isn't even enough to cover a mortgage and utilities and a phone bill and car insurance and health insurance and then youd need about an extra $300 a month for healthy groceries and gas and then youd need to have to build a savings and pay pet insurance and have to have emergency money for maintenance on the house and after all that the upkeep is about another $300 a month plus there is always an extra $300 in expenses a month so just to survive saying you had about a $500 mortgage payment a month and without a car payment it would be $2200 to survive a month plus if you wanted to live any semblance of a social life or have savings or afford health and car insurance youd need another $1000 a month. On top of that youd need at least a $30000 down payment or 20% of the cost of the home whatever is more and it just isn't plausible for you. Things can't just come to you with minimal effort. Is your credit report good do you have any debt do you have a savings? You for one need to work full-time and both of you should be working 81st $12 an hour jobs by now if married. $1800 is impossible to live on. Save work hard and whit looking for loopholes. I advise you to save $60000 and both find better jobs where you can work at least 40 hours a week stably and know you're secure in your job. Until then or if you don't want to work that hard for it find a better paying job for your husband and find a place to rent. Sorry to be blunt with you but I just don't want you to put yourselves in a worse situation. Work harder graduate college get more secure and do a little growing up. My husband and I have a five year plan and we are prepared for that to go under due to extra expenses but we still work hard. Things can't come to you overnight or even a few months. It takes years to buy a house sometimes decades and we are saving for a $60000 home. Unless you each make $20 an hour with 40 hour weeks and benefits $130000 is way beyond your means of living. Taxes alone would break you. Please just save and plan and budget I hope I helped.

Answer

Check out Dave Ramsey online he is a financial expert and has awesome advice on how to make things work!

Answer

Where in the World is there $130,000 houses these days? 
In answer to your question though, start saving and you will soon see what you’re capable of. Nearly all housing loans require at least a 10% deposit and proof of savings anyway so it will give you a good idea of what you can afford.

Answer

No. A big no

Answer

Talk to a local lender, they'll look at everything and decide what you can afford by their standards. They won't loan to you if you don't qualify. You'd have to crate a personal budget once you know what your monthly payment would be to see if you could actually afford it though.

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