http://thinkcheaply.blogspot.com
Alot of you guys on here might be first time buyers, here is my experiences with SONYMA, and buying a house for the first time in general.
I ended up with a nice two family in West Seneca.
So am I reading that right?
If a person makes more than $41,510 they are not eligible BUT, a person making less than that is allowed to purchase up to $247,560.
:lol:
Welcome to NY’s contribution to the mortgage crisis.
Not true, different income levels up to $61,000 or something like that can qualify for the same “type” of thing.
Besides if you make $40K a year and have no bills at all you can afford $247,000 depending on the ins. and taxes you’d be around $1200 a month (plus tax, ins.), that’s not over the 38%of your monthly income requirement for the mortgage part of the loan
X…
edit - more or less what xander said.
lol, the loan payment has to be less then ~40% of the borrowers income.
Now, if you use the standard (old) rule of thumb that no more then 65% of your income should be going towards bills, that leaves you ~25% of your income to pay for any other credit / bills (utilites, furnishings, car loans, edu loans, etc…) you may have or take on.
:tspry:
First off, what homeowner is going to have no bills? SONYMA is only good for your primary residence, so you have to live in this house. You have to heat it, you have to use some electricity, water, sewer. Chances are you have a phone.
2nd, no way 247k in WNY is 1200. 30 years @ 5.5% is $1402/month JUST FOR THE MORTGAGE. My house is assessed at 165 and my taxes are 4400 a year AFTER the star reduction, and talking to friends that actually pretty cheap. 247 is going to be 6000/yr easy. So it’s more like 1902/month.
Plus heat, electric, insurance (mandatory with a mortgage), water and sewer. You gotta eat, so there’s another bill.
Like I said, if SONYMA is really approving loans for 240+ to someone making 40k, they’re just asking for forclosures.
The keyword here is going to be “down payment”.
Someone able to put 20 percent down will qualify for more house than someone putting 1-3 percent down.
Also, 247k doesn’t buy you jack shit anywhere close to new york city.
yes it does, it buys you a 1 bedroom co-op
lol
When I met my wife, she was in the process of buying a house through sonyma, she made just over 30,000 at the time and would BARELY be able to afford our house which only costs $600 a month (mortgage, tax, and insurance), and be able to pay her bills ($270 car payment, insurance, food, utilities) I don’t see how she could have done it. When I moved in I made about the same as her, and even with our combined income we did not have much extra cash. There is no way we would have been able to afford a $1500-2000 mortgage. Can we afford it now? Barely. We could afford the mortgage on a $100-150,000 house right now with a combined income of just under $100K. I don’t see how people pay for $200-300,000 houses with our income or even less. Ramen noodles? POS '89 Cavalier? Mounting credit card debt?
You sir, are NOT allowed to talk to my wife about home buying.
household income limit for rochester is $64k combined income (read: $64K if you’re not married). current 30 year fixed is 5.5% You pay one point to lock the rate, but they give it back to you at the time of closing so it’s really no points…
if you make under $44K combined then you’ll get the lower 5.0 rate through the “achieve the dream program”
on either loan they’ll give you something like $5000 towards closing for 0.5% higher APR.
lol…
I’ve seen many, many low down payment applications get stamped that were out of the borrowers league.
Ex: $45k income, 600-680 fico, 1st time buyer program (3% DP, unsecured loan for closing costs, $ZERO out of pocket), pre-app’s in excess of $200k. Regularly.
Damn. Those are crazy low. I think ours is 6.5. Too bad you can’t get that rate on a normal mortgage now, may be time to buy.
Exactly, housing prices are all fucked up, look at an episode of flipp-that-house: “We bought this POS rat infested 3 BR dump for $325K and flipped it for $450K”
Property values in this country need to be completely revamped, look at where most of the Sub-Prime porblems are, Vegas, Southern Cali and NYC area where you can’t touch a house for under $250k and yet its not like people are making that much more money in those areas.
Thats your main problem.
lol there’s the logic that put the country into a financial crisis.
$247k @ 5% for 30 years = $1326/month
A $247k house in buffalo will fetch maybe $6k in taxes = $500/mo
+100/mo electric
+150/mo natural gas
+50/mo homeowners insurance
+50/mo car insurance
+200/mo gasoline
+400/mo food
+50/mo cable/internet
=$2826 + car repairs, house repairs, christmas presents, movie rentals, beer, etc.
On a 40k salary your monthly income is $2500 after 25% income taxes.
Therefore, mortgage industry meltdown.
YOU STOP IT WITH YOUR LOGIC FRY
national overnight average 30yr is 5.66%
And how long do you think they will stay that low?
Not long, they will be lower soon.
http://www.bloomberg.com/apps/news?pid=20601103&sid=aHr1QGvgv1kg&refer=us
sweeeet.
Just have your wife buy the house before you get married 
and I really dont think you will get approved for 247K on your 41k income… I know the wife was at 41k and she had perfect credit, no car payment and secure job. I think they maxed her out at like 175K.
Jeller