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Student Housing Dc

Randy Said:

Do you agree with tax payers footing the bill for private school in DC?

We Answered:

the money is either spent in private or public schools, so why not let the parents put their kids in a passing school instead of a crappy school.it makes no difference where the money is spent, it all comes from taxpayers. education and the child's best interest have taken a back set to tenure and seniority. most teachers do not care about the kids as much as they care about the union they belong to.

Terrance Said:

How much home can I afford (in the DC/MD area)?

We Answered:

The area you live in doesn't change what you can afford. Your race shouldn't affect how you are treated.

The rule of thumb is to not have a mortgage exceed 2x to 3x your annual income which is between $160,000 and $240,000. Pretty wide range, so you need to delve one layer deeper. The general guideline is to not exceed 28% of your gross monthly income on a housing payment and to not exceed 36% of your gross monthly income on all debt payments. Since you owe nothing, the 28% limit should cap your purchase.

28% of your gross montly income is: $1866 (does this payment 'feel' affordable to you?). You will need a minimum downpayment of ~3.5% (for an FHA loan), but the higher the better on the downpayment. Let's run the numbers on the high end of affordability. $240,000 loan at 5% fixed over 30 years gives you a principal and interest payment of $1289 per month. Add in insurance of ~$75 per month and taxes of $300 per month (assume tax rate is 1.5% of value per year - could be very high or very low) and another $125 for PMI. You are now at $1789 per month which is getting close to the upper end for you...

I'd a house price of $250,000 would be pushing the envelope.

good luck!

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