estate tax virginia
How realistic is it for me to buy a townhouse or condo?
I just turned 25. I’ve worked 10 months at my first job out of grad school. I have $10K saved. In 2008 I’ll make $83K base and $10-15K OT. My credit score is around 740. I live in Northern Virginia (Alexandria) and would like to buy a townhouse/condo within Alexandria or Fairfax County. I’ll be getting $5K (post-tax) in March, so I’ll probably have $18K by March (when I would be looking to buy. I’ve been browsing real estate listings and saw a few things I liked around $300K. How realistic is it that I can get a loan? How much is PMI going to be if I put down 5% or 10% (I could probably get money from my parents to bump up a down payment to 10%).
Alex or Fairfax is VERY EXPENSIVE.
I would try for a townhome since these are usually easier to resell then a condo. However, buy in a good area.
The lender usually will not count OT unless you have tax records to prove that you have received it for the past several years. With a gross income of 83000 you have a monthly income of $6900 a month. Usually I would highly suggest that you don’t use more then 25% of your gross income for your total mortgage payment. However, since the OT may not be counted, I recommend going ahead and use 32% of your gross income. This equals a total montly payment of NO MORE then $2,250 a month.
At a 30 year 6% rate, you qualify for a $310,000 mortgage. If you can put down 10% then purchase a house for $340,000.
5% down is ok. You don’t have to put a huge amount down. remember, for every $10,000 you put down, you lower your mortgage payment by only $60 a month. The most inportant thing is CASH FLOW each month.
I would look at places around $360,000 or less and make an offer. However, get the seller to pay closing.
Your lender is going to tell you that you can afford much more then 2250 a month. Maybe so. However, YOU DO NOT WANT TO BE HOUSE POOR.
You should be saving at least 10% of your income. I would max out your 401k plan or at least the amount that your employer matches and then save at least 10%.
Small Businesses and the Estate Tax – 4
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