Ok. I have a huge dilema. I purchased a home back in October.2007 for $ 103,500, Great home needs fixing up but can’t beat the payment of $ 523 a month (30 year fix).
As of 2 weeks ago I got offered a home right next door to my future in-laws (wedding June 2008), They are great people!, The home is appraised for $ 325,000 I was offered to purchase the home for $ 160,000!
My father said that he will buy the house for $ 103,500 (the one I bought in October). So that cancels out my payments.
Now do I amke enough to purchase this home for $ 160,000?
I make $ 43,000 year plus I got a $ 5,000 bonus in 2007= $ 47,000
Based on that do I make enough to afford a $ 160,000 mortgage.
I have a credit rating of 790!
Student loan payments of $ 215 month
I need to get a car my lease just ran out! (I have 2 months to get a new one, this lease was paid off early)
$ 150 car ins.
Property taxes are $ 3,600 year (winter/summer)