How much can I spend on a condo in Fort Lauderdale?
I will be finishing college next year in June and I plan to move again Broward County, Florida. I've been offered a job in the foot. Lauderdale, and I am interested in buying a condominium. With my budget, I'll have about $ 1300 per month to cover a mortgage, home insurance, property taxes, association fees owners and utilities. I have about 20 to 25k available for a down payment and I am pre-approved for a maximum of 150k mortgage. So realistic, with a budget of 1300 dollars, how much I can spend on a condo?
Your best chance of getting a loan with a deposit of 20%. So than $ 1,300 per month only 35-40% of their gross income for a single person without any debt (eg, car payments or student loan payments) then you're good and you buy the largest area that money will buy this time. If you have a few monthly payments on the debt or charge, then a bank wants to housing costs total more than 30% of their gross income, as a borrower still considered a rookie. Building a credit history responsible, the best tool for a good loan. Incidentally, if you live very frugal lifestyle and has $ 1,300 available for the home that truly represents 50% or more of its gross revenue, do not cut with lenders.