How do I buy this house?

[Synpax]

There is a house I really must have. It's about a million bucks listed in Arlington VA. I will need an additional 20k in work done in the house to have an endless pool installed.

I earn a base salary of about $85k. I can probably get this up to 100k. I earn another 30-40k per year from project-based work that I do throughout the year.

I have no debt other than about 200 a month in student loan payments. Car is payed off, no credit card debt, nothing.

The house has 3 BRs a large basement. I figure I could rent those out.

I live in a house now with two other roomates and I pay 900 and the others pay 800 and 750.

Is it possible for me to buy this house? If so, how?

Thanks.

 

[Vita]

you need to earn 2-3 times that unless you've got a LOT of liquid assets to put down. i did a quick calculation with an online calculator, and given:

7% interest rate
30 year loan
purchase price of 1,000,000
only putting 5000 down (didn't mention how much you've got to play with)
annual taxes of 5000 (likely more on a home worth that much)
homeowners only costing 300
no costs (i.e., gated community requring fees, lawn care, etc.)
only $200/month in debt
and 10,000 in liquid assets,


it says you need to make between 260,000 and 302,000 yearly for income. i think someone in the buziness may be able to go deeper than that, but you should google mortgage calcutators and affordability to get more info.

 

[Synpax]

Yeah, I tried the mortgage calculators.

But I can easily rent out two bedrooms and the basement as well.

 

[Vita]

they won't see that. you might have to partner up with someone

 

[Synpax]

Yeah. It's ok. I might have to wait until my income goes up more. I also found another house in the neighborhood that is around 2/3s the price that can work, too.

I really know all this stuff, I guess I'm just thinking out loud here on the board.

 

[Vita]

good luck. i hope you land something decent. me and the wife are looking to buy a house soon, but breaking a lease is going to be our major hurdle...