If my husband and I buy a house can we still buy another one?

My husband and I want to buy a house. Right now we are looking at one that is 145,000. We have pretty good credit. He makes about 3,000 a month and I make about 1,000 a month. If we buy this house will we be able to buy another one in the near future?|||no, especially if the 2nd house will be an investment property - you will need 20% down payment plus closing costs on an investment property and the int rate will not be anywhere near 5.5% either - only owner occupied homes get the low rates. you will probably need $15,000 in cash just to buy the first house





and money will be tight enough with just the one house - everything costs more vs an apt, plus you have water, sewer,trash that you don;t have to pay in an apt|||no. on that salary you will not be able to afford to own 2 houses at the same time.|||Of course you can. However the second property will be considered an investment property and you will have to put down 30% as a down payment, but other than that......enjoy the second house!|||..and that exactly why the housing bubble burst...how do you think you can afford 2 mortgages plus all your other living expenses on $4000/month?? thats not alot of money...|||If and only if the second property is less expensive than the first one and you can come up with a substantial down payment.|||the first reason why america is in recession right now is because of greed. Remember that. If you are making a million a year, maybe you can own 2 3bedroom houses. A person making 200,000.00 dollar a year can only own a one 4bedroom/350sqft. house in a nice neighborhood.





This person if a married person, will have 2 nice 30,000.00 each new cars, and 2 small children that does not use diaphers and baby milk and goes to public school, tend to their own yards, no maid, no eating in a fancy restaurants every friday night for dinner but have cable tv, cell phones, internet, nice furnitures inside the house and nice clothes for the man (suit and tie for his respectable job). The wife will be okey buying nice dress but occasionally, only when needed.|||$4,000 a month is $48,000 a year. Based on that, you can afford a mortgage of up to roughly $150,000 which covers the first house. That pretty much stretches your debt to income ratio to the top and you will be hard-pressed to convince a bank to provide you with a second loan even with a large down payment. Freddie Mac guidelines are such that your total debt ratio cannot exceed 45%. The P%26amp;I on the first mortgage is about $850, then add in say $200 for taxes and insurance - this brings you up over 25% of income. To get the second property, you would basically have to have no other debt (no car loans, no credit cards, nothing) and that would leave you looking at an investment property mortgage of say $110,000 to $125,000 and a down payment of say $30,000 to $40,000.|||First of all the property taxes will be around $4500/yr. That alone will sink you. But that's assuming a bank will lend for the second house. So my suggestion is to be creative. Finance the first home at the bank and for the second home lock in a super-low purchase price with a lease-option on a distressed property. There are tons of "motivated sellers" out there right now. Have in writing that "seller will assume first 3 years property taxes". This will allow you to get a bank loan in 3-5 years with enough equity to pay your taxes if you get in a bind. Consider this if you can go 10 years on a $150k option at $600/mo. You will have made a $72k principle reduction and paid NO INTEREST TO THE BANK! But buyer beware. Miss a single payment and the house can be redeemed by the seller. Here's a tip. Place an addendum in the contract that gives the buyer up to 3 late payments without recourse. "Seller agrees that payments no more than 60 days past due will be accepted without recourse for up to 3 separate occurrences for the term of the lease." Check your State Laws for specifics on Land Contracts, and Leases. Everyone assumes that Banks are the answer to Home Buying when they are the one's who truly screwed things up with Exotic Mortgages, ARMs ALT-A etc..





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