Established Member
Posts: 46
Registered: ‎06-30-2013

How much can I afford?

I'm interested in purchasing a home in the next year or so. My current income is $87,000 salaried. I've had the same job for 7 years. My current debts are a car loan for $750 , student loans with a monthly payment of $200 and credit cards with a monthly minimum of about $150. I will pay off 2 out 3 cards before actually applying which will bring my monthly cc payments to about $80.  I plan to put about 5% down, which i'm actively saving for. The house we are interested in building will cost about $310,000 and the builder will throw in 4K towards closing cost if we go with his preffered lender.  Also there's a $600 yearly HOA fee associated with the neighborhood and taxes in that area is 1.1% of your purchase price. My husband currently make 35,000/year with no debt but he has no credit history since he just moved to this country and his SS# was issued less than a year ago but we file our taxes as jointly so can his income be factored in.



Chase Freedom-3.5K, NY MCU- 500, Chase Sapphire Preferred- 5.7K, Discover IT- 2K, AMEX BCE-6K, Citi simplicity- 7K
Scores: Equifax SW- 719 (Nov 2013)

Senior Contributor
Posts: 3,427
Registered: ‎11-30-2007

Re: How much can I afford?

I doubt that your husbands income will be allowed.  My husband had to show TWO YEARS when he switched from salary to commission.


That car payment will probably hurt you.  I doubt that you will be able to spend more than $275k.  Hopefully one of the loan gurus will chime in to help you out.



Valued Contributor
Posts: 2,297
Registered: ‎08-25-2011

Re: How much can I afford?

Yup I think you are at the top end of what you can get, but looks good. You should be able to do it with your income only.

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