Hey /biz/ I just got pre-approved for a home loan. It will be my 1st house.
The loan is approved for $200k which would put me around $1100/month.
I really hope to keep it around $800/month so I don't become house poor.
How much can I really spend?
Also general home buying tips to help newbies like myself.
>very surprised there isnt a sticky with some of this info
You realize how much debt you're putting yourself into? Make sure you get something you can afford. In my area, there are homes going for less than 50k. Nothing really wrong with them, just bad owners like you making bad financial decisions. No disrespect.
>>1268557
in my area rent is so high that I either pay someone elses mortgage and have nothing at the end of the day. condos/townhomes are in the 120k+ range. I might find a half way decent house for 150+ but I will need to put a lot of work into it. Some mobile homes are in the 100k+ range here... probably getting a condo
>pre-approved
wow, they dont just hand those out to anyone
Don't know too much, but just be sure to have any home inspected. Also, those mass produced subdivision homes can have quality issues because they are made cheap and quick as possible. Be aware of how very very bad even the slightest lead paint is in older homes. And don't spend $100k on a fucking mobile home.
>>1268601
>don't spend $100k on a fucking mobile home
lol no shit
fortunately I am an electrician, lead and asbestos certified, and have spent some time actually building track homes... I'd rather have one of those than something with knob and tube wiring or that horrible aluminum wiring from the 60-70s.
