What would be the most you'd advice me to spend on a house?
I am in Fargo, ND.
- Income is $25,000
- No credit card debt
- Credit score of 700
- Good standing at my Credit Union
- 2 years left on Very low interest car payment of $140 each month
- 1 semester of student loans to be paid ($7,000)- The rest I have been doing part time, cash upfront
Living situation:
- Basement of home would be living quarters for boyfriend and myself (he would pay rent each month to me)
- Main floor would be where I would converted to solely operate my new business
What would you suggest would be the price range I should be looking at? And what sort of down payment?
*I had looked into rental space for my new business, but the many of the monthly rentals are more than the mortgage of, say, a $75,000 home in my area. A house would better suit my particular business, as well!
Figure 30% of 25,000 is $7500. $7500 devided by 12= $625 a Month recommended payment. $70,000 is about the right neighborhood. 20% down is about $14,000. Hope this helps.
