House cost

[Batman_fan]

Bhayyas

One of my friends is planning to buy a house in NC. He is looking around 200K. I think it is too less. 

How do you arrive at the house price you want to buy? Lot of sites say monthly PMI should be 28% of monthly income. Is this correct?

[Telugu_ammayi]

35 minutes ago, Batman_fan said:

Bhayyas

One of my friends is planning to buy a house in NC. He is looking around 200K. I think it is too less. 

How do you arrive at the house price you want to buy? Lot of sites say monthly PMI should be 28% of monthly income. Is this correct?

Ma colleague valla house in Raleigh nc , 264k .

[afmod1]

6 minutes ago, Telugu_ammayi said:

Ma colleague valla house in Raleigh nc , 264k .

gp

[MegaPowerRockstar]

Asalla house kona ley ante... requirements ente ? Financial perspective lo ... 

[Batman_fan]

Financial experts please chime in

[TOM_BHAYYA]

3 minutes ago, MegaPowerRockstar said:

Asalla house kona ley ante... requirements ente ? Financial perspective lo ... 

10% down cheyadaniki savings unnaya ? First

[Kalam_Youtheman]

54 minutes ago, Batman_fan said:

Bhayyas

One of my friends is planning to buy a house in NC. He is looking around 200K. I think it is too less. 

How do you arrive at the house price you want to buy? Lot of sites say monthly PMI should be 28% of monthly income. Is this correct?

NC lo dead seap  vayya....since its cost of living is very low.. 200k ki decent house vasthundhii

[Lukewalker]

20% down pedithe, mortgage interest undadhu, lekapothe monthly $150-$500 mortgage interest pay cheyyali extra.. 

good credit score undali.

20% down bank lo atleast 6 months savings account lo eady approval. 

main market ela undhi follow avvali, there is no point of buying a $500k house when median price is $150 in that area, sell chesetapuudu evadu konadu. 

condo vs single family house pros and cons chuskovali. there is big list here, some prefer condos and HOA while some like independent single family

take in to considertaion, mortgage + interest + taxes + insurance, ideally if this is below 30% of your income, you should be good. 

rent vs buy calculator lo chusko http://www.realtor.com/mortgage/tools/rent-or-buy-calculator/ this shows how much you should be able to buy or if it is good to rent. 

also consider repairs, maintenance, lawn mowing, fall clean up, HVAC maintenance etc., 

[Telugu_ammayi]

3 minutes ago, Lukewalker said:

20% down pedithe, mortgage interest undadhu, lekapothe monthly $150-$500 mortgage interest pay cheyyali extra.. 

good credit score undali.

20% down bank lo atleast 6 months savings account lo eady approval. 

main market ela undhi follow avvali, there is no point of buying a $500k house when median price is $150 in that area, sell chesetapuudu evadu konadu. 

condo vs single family house pros and cons chuskovali. there is big list here, some prefer condos and HOA while some like independent single family

take in to considertaion, mortgage + interest + taxes + insurance, ideally if this is below 30% of your income, you should be good. 

rent vs buy calculator lo chusko http://www.realtor.com/mortgage/tools/rent-or-buy-calculator/ this shows how much you should be able to buy or if it is good to rent. 

also consider repairs, maintenance, lawn mowing, fall clean up, HVAC maintenance etc., 

anty enti .......asalu particular area lo market price ela calculate chestaru ;400k-500k petadham worth ena ...and school districts machivoo kadhoo ela telustayi .....repairs  ki insurance cover cheyadha .....

[mettastar]

7 minutes ago, Lukewalker said:

20% down pedithe, mortgage interest undadhu, lekapothe monthly $150-$500 mortgage interest pay cheyyali extra.. 

good credit score undali.

20% down bank lo atleast 6 months savings account lo eady approval. 

main market ela undhi follow avvali, there is no point of buying a $500k house when median price is $150 in that area, sell chesetapuudu evadu konadu. 

condo vs single family house pros and cons chuskovali. there is big list here, some prefer condos and HOA while some like independent single family

take in to considertaion, mortgage + interest + taxes + insurance, ideally if this is below 30% of your income, you should be good. 

rent vs buy calculator lo chusko http://www.realtor.com/mortgage/tools/rent-or-buy-calculator/ this shows how much you should be able to buy or if it is good to rent. 

also consider repairs, maintenance, lawn mowing, fall clean up, HVAC maintenance etc., 

max PMI $150 if you are buying half a million home

[mettastar]

9 minutes ago, Lukewalker said:

20% down pedithe, mortgage interest undadhu, lekapothe monthly $150-$500 mortgage interest pay cheyyali extra.. 

good credit score undali.

20% down bank lo atleast 6 months savings account lo eady approval. 

main market ela undhi follow avvali, there is no point of buying a $500k house when median price is $150 in that area, sell chesetapuudu evadu konadu. 

condo vs single family house pros and cons chuskovali. there is big list here, some prefer condos and HOA while some like independent single family

take in to considertaion, mortgage + interest + taxes + insurance, ideally if this is below 30% of your income, you should be good. 

rent vs buy calculator lo chusko http://www.realtor.com/mortgage/tools/rent-or-buy-calculator/ this shows how much you should be able to buy or if it is good to rent. 

also consider repairs, maintenance, lawn mowing, fall clean up, HVAC maintenance etc., 

total 6 months transactions chustharu.. you can save that 20% in that 6 months also.. if you borrow money from someone like get money from india or something just get a gift letter. 

[Telugu_ammayi]

4 minutes ago, mettastar said:

total 6 months transactions chustharu.. you can save that 20% in that 6 months also.. if you borrow money from someone like get money from india or something just get a gift letter. 

h1 lo house konnacha ?

[Lukewalker]

6 minutes ago, Telugu_ammayi said:

anty enti .......asalu particular area lo market price ela calculate chestaru ;400k-500k petadham worth ena ...and school districts machivoo kadhoo ela telustayi .....repairs  ki insurance cover cheyadha .....

zillow.com lo house address search cheste zestimate isthadu, like rough estimate of the house. you can also talk to local realtors and get estimate of the house you are looking at. 

400k- 500k pettadam worth ena kaadha anedhi you should decide. can you afford payments on $400k house? if your job long term, will you be in that area for atleast 5 years? also, comps (comparisions of other houses) chudali, recently sold list lo, check for similar houses sold recently iwth similar footage, beds, baths etc and compare, 

zillow lo recently sold filter pedithe you will find that info. 

also, in zillow and trulia if you select a house, they will show assigned schools with ratings. this way you can see if that is good school district or not. 

repairs ki insurance cover chesthundhi, but if you have to replace something like upgrade HVAC, replace roof just because its life is over and not because of storms, you have to put money from your pocket. 

also mowing ki, other seasonal maintenance ki em avthundhi anukuntunnam, but atleast $500 to $1000 avthundhi regular maintenance. 

[Lukewalker]

11 minutes ago, mettastar said:

max PMI $150 if you are buying half a million home

yes, $150 or so if you are using conventional loan, but FHA loan allows just 3.5% down payment, then for a half a million house (where down payment is as low as $17500) , your PMI varies from $300 to $350. 

I mentioned $150 to $500 considering this, but if you go with conventional with atleast 10% down, you are right!

[Lukewalker]

9 minutes ago, mettastar said:

total 6 months transactions chustharu.. you can save that 20% in that 6 months also.. if you borrow money from someone like get money from india or something just get a gift letter. 

yep again you are right here, but I mentioned easy approval when you have 20% in savings account for 6 months, no further questions asked, anyways it takes 6 months to 1 year to search for your ideal home, so if you keep that downpayment in savings account 6 months before, it will be easy for you and lender and loan process will be little smoother