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My parents are trying to buy a home for about $ 550,000 and my dad (only one who works) makes about $ 100,000 plus. He brings in net $ 6500 and will probably be bringing in $ 7500 starting 2012. We are trying to see if it is a good idea to buy a $ 550,000 home with 10% down. This home is in Collegeville, PA which is near Philadelphia.

3 Thoughts on Buy a Home on a $100,000 income?
  1. Reply
    Abdul Ali
    December 27, 2012 at 7:02 pm


  2. Reply
    December 27, 2012 at 7:29 pm

    The most your dad would qualify for is in the $ 300-310K range. He makes does not make enough for a $ 550 home.

  3. Reply
    December 27, 2012 at 8:11 pm

    Unless they’ve got a lot more than 10% saved, they probably won’t qualify.

    Monthly payment on 495k (assume 4.8% rate) and 30 year mortgage: approximately 2,600 per month

    Property taxes (assuming 1.5%) 8,250 per year. (688 per month on top of the 2,600 mortgage)

    Then they’ll have homeowners insurance on top of that. Not sure what the insurance rates are in your state, but in mine it would be at least 3k per year for a home in that price range.

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