have been looking at some Lofts in down town salt lake city utah. I currently am making 33,600 a year. I have a 06 audi that is paid off, I don’t have a cell phone payment or health/car insurance (my parents hook that up) So my bills are basically Rent, food, gas, and entertainment. My paychecks are usually a little over a thousand every 2 weeks. The place that I am interested in was listed for 238,000 and then they just dropped the price to 198.850. My question is how low of an offer do you think i can make? My parents are giving me a down payment of 80,000 do you think that i could get it at 175,000 or 180,000? This way I will only have to borrow 100,000 and my payments will be (i think) affordable. The HOA on the building is 160 a month that includes water, internet, cable, covered parking, building insurance, and geothermal (some system where they take the earth heat to heat and cool the building so no heat or air conditioning bill)
I know they wont give me a loan i am going to do an FHA and my parents are going to co sign. I don’t have the best credit but my parents both have 800 Fi-co scores and are worth about 25 mill so I will be aproved on a loan soley becuase of them. Also last time i tried this someone was trying to say you said you make 33,600 and if you make 2 grand a month that doesnt add up please dont make stupid comments like that. I make 33,600 salary and yes i do pay my Federal taxes and State taxes so after that 2 grand a month. So what is your opinion if i have to commute to work 90 miles a day (my car gets 30mpg) , pay for gas, food, mortagage, utilities, and entertainment do you think that i can afford to have a motgauge? I hope to have a loan of about 100K so my payments will be about 800-900 a month(650 mortgage, 80 property tax,160 HOA *estimate*) . Is it possible to live as a single guy off of 1100-1200 a month paying for gas food and entertainment ect? Or am I still a little short?