Mortgage Loans

[tooleman694]

If you earn 205k a year, you would max out at about a 820k mortgage if your DTI is in good shape.

[jcmaroon]

Our DTI right now is about 13.5 percent. That's without adding the house payment in.

Perhaps we should be thinking a little bigger than $350,000. Maybe in the $500,000 range.

[MovingForward_2012]

Yep I think so...I would! LOL! I am in the process of purchasing a $347,900 home and I make $96,000 a year. Your income and DTI allow you to go a lot bigger if you want. The max home price I was preapproved for was $360,000.

[JM-AM]

Buy a home on what you feel comfortable with. More money for home does not always mean better home.

You qualify now according to what you posted shop as you like

[MovingForward_2012]

JM-AM, there were homes to die for in the $450,000 range! If we just made a little more money, I would have loved to buy one of those homes. In Colorado, you can get a huge house for $450,000! Our home at $347,900 is really nice though with 3500 sq ft.

[tooleman694]

Same here in Dallas, 450k get you about the same size home as 300k but it is upgraded to the max.

I would love to have a kitchen with 2 islands, a media room and a sub zero fridge lol.

[MovingForward_2012]

I just looked at the listing for our home and it is 3713 sq ft. 2518 sq ft is finished. The rest is a unfinished walkout basement.

[MovingForward_2012]

+1 on what tooleman said.

[JM-AM]

Lol

Yes the extra luxuries are nice but not always needed.

More house to maintain. More house to clean. Higher taxes. Higher insurance.

But I do know the benefits of the luxuries also.

[MovingForward_2012]

+1