Single nurse buying a house

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Specializes in Adolescent haematology, oncology and BMT.

Is anyone able to tell me what type of home a single nurse can afford to buy in the LA area and approximately how much the mortgage would be?

Thanks

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Specializes in Emergency, Administration.

It depends on how much you have for a down payment, the interest rate on the loan you yet, the length of the loan, the amenities/costs that come with the property, the size, the age, and the area.

I'm currently looking at condos/townhomes in the West LA area. I'm hoping to spend approximately $300,000-$400,000 for a 2br/2ba. I'm willing to do a complete flip on it, so my price range is reasonable (think 70s shag carpet, linoleum floors, ancient appliances, wood paneling, orange tile bathroom...). Based on my pre-approved loan, my monthly mortgage payments will be around $1,400. This doesn't include the monthly condo costs for the amenities/gardener/painting/roofing/pool/etc, which seem to run around $200/month. Tack utilities on top of that, and a couple more hundred are added. That's why I'm getting a roommate!

If I could only afford 10% down, my monthly payments would be drastically higher. From my experiences thus far (granted, this is only my first property purchase so I'm by no means an expert), the down payment and interest rate are the key to affordability.

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I bought a house by myself with a substantial down payment and a good credit check. However, that was many years ago when the economy was different. I no longer have the home after losing the job that made the payments, and in today's circumstances could not get near a mortgage for any amount at any rate.

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I sympathise with you. Its very difficult to get a mortgage that is of reasonable price when you are a single person. Have u tried buying with family members or a friend. But u would have to draw up an agreement and make it an official one.

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