Hay guys and girls i got a question. If i have 100,000 dollars can i get any house i want?
kyle r asked:
I am talking like 1 million dollars house, Or even a 15 million dollar house in hawaii. I do make 1800 dollars a month for disabilitey. I am into real estate on top of that. Do you think they would let me get a house like that with just a big down payment?
I am talking like 1 million dollars house, Or even a 15 million dollar house in hawaii. I do make 1800 dollars a month for disabilitey. I am into real estate on top of that. Do you think they would let me get a house like that with just a big down payment?
January 3rd, 2009 at 4:51 am
you can get a really nice house, but not any house you want.
January 3rd, 2009 at 5:19 am
yeah no u have to show that u can pay the mortgage not just the down payment
January 5th, 2009 at 10:36 pm
No bank will approve a multimillion dollar loan/mortgage if you have that small of a salary.
January 8th, 2009 at 11:53 pm
A down payment of $100,000 on a $1M property leaves you with a mortgage amount of $900,000. With an 8% interest rate (those Jumbo’s are a killer these days) you will have a payment of around $6,600 per month. Even before taxes and insurance your $1,800/month income is about $4,800 short.
So the short answer is NO. Of course you would already know this since you are “into real estate”.
January 10th, 2009 at 5:28 am
your income is 1800 a month this means you can afford about a 600.00 a month payment. so to answer your ? your limited to about 180,000 house for now. or invest into income property’s and in a year or so buy a house for you’re self.
January 10th, 2009 at 2:17 pm
100,000 is not a big down payment on a million dollar home and your payments would be more then you make. I purchased an 800,000 home, put 300,000 down and my payments are 2500 a month and that does not include property tax.