3 Thoughts on can i afford a decent home/apartment when i earn about 38 a year?
  1. Reply
    rustupd
    December 12, 2012 at 5:29 pm

    38 what?

  2. Reply
    Dark
    December 12, 2012 at 6:10 pm

    Might be able to.

    In Britian, especially in the North at the moment is experiecing falls in the housing market. And because of the current economical crisis, less people will sell their house or buy houses, which means less houses on the market but at a cheaper price for people who wants a quick payment off their house.

    If you earn around 38K a year, and deudcting your living cost, and saving every penny, you might be able to sae u to around 5-10K? If you continue saving up, you can buy a decent house around 100K in around 7-8 years, or you can rent and pay it off slowly.

    Hope it helps:)

  3. Reply
    loanmasterone
    December 12, 2012 at 6:31 pm

    If you are speaking of 38K per year, then depending on what section of the United States you are living in will determine if you are able to purchase a house.Getting an apartment is less stringent than applying for and being approved for a mortgage loan. Again depending on where you currently reside would be the determining factor.

    If you are in Miami, Los Angeles, or other high cost areas on this yearly salary you might not be able to qualify for a mortgage loan.

    In certain southern states such as Georgia, Alabama or Mississippi then you might be qualified to purchase a very nice house for yourself.

    There are many things you should do, the first thing you should do is contact a mortgage broker that does VA and FHA mortgage loans and get pre-approved. This is the first step. Once you have your pre-approval then contact a real estate agent to look at house based on what you are qualified to buy.

    You will need proof of income so have available pay stubs, w-2, bank statements and other items your mortgage broker will require.

    He will inform you of what is necessary once you contact him.

    This pre-approval will tell you the amount of house you are qualified to purchase as well as the interest rate, monthly mortgage payments and other necessary things you need to know about your mortgage.

    I hope this has been of some benefit to you, good luck.

    “FIGHT ON”

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