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I am trying to figure out how much we can really afford. I have used the mortgage calculators and I am just not sure if they are even in the correct range. I am planning on paying off debt by January and plugging 1500 a month away to save for downpayments/closing costs/reserves. I am trying to research early to make sure I am ready for a purchase next November/December.
Scores (Fico) range from 670-710
Income 79,900 Gross
Monthly Net: $5638
Debts: Car Payment ($421) Student Loans ($405)
Downpayment Anticipated: 12.5 K
Hoping to be qualified for around $250K
Taxes in Vegas run between $1500 and $2000
Does this seem feasible?
@Heatherkins wrote:I am trying to figure out how much we can really afford. I have used the mortgage calculators and I am just not sure if they are even in the correct range. I am planning on paying off debt by January and plugging 1500 a month away to save for downpayments/closing costs/reserves. I am trying to research early to make sure I am ready for a purchase next November/December.
Scores (Fico) range from 670-710
Income 79,900 Gross
Monthly Net: $5638
Debts: Car Payment ($421) Student Loans ($405)
Downpayment Anticipated: 12.5 K
Hoping to be qualified for around $250K
Taxes in Vegas run between $1500 and $2000
Does this seem feasible?
Is there likely to be a HOA fee? If so, that is included in your ratios too. Are you thinking of going with a conventional loan or FHA loan?
your debt ratios are well within loan guidelines
i calculate 27/39