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USDA uses a 29/41 dti so based on $95k yr, your preapproval based on salary alone will be will put you with an all inclusive front end mtg pmt of $2295/mo which prob translates to somewhere in the $350,000+ range. Then you need to factor in monthly debt pmts to make sure you dont go over the 41% back end limit. Naturally, just because you prequalify for that amount, doesnt mean you need to go that high. Afterall, you're the one who needs to live comfortably with your monthly payments
A lot depends on the property tax for the home you want to buy. Where I live in NY, the property tax on a $179000 property I was interested in were $6000 a year. The high taxes put that house out of my reach.
@Chris3k2 wrote:
It might be at least an extra 100 if you go fha. I'm not positive in that though. Maybe somebody with more experience can give there thoughts.
That's about right but I would also warn that new FHA guidelines state that if you have to get PMI, it's for the life of the loan now. Make sure your down payment is at least 20% or more to avoid it.
@neptunejcw wrote:
Wow 300K is a bit steep..lol. But I thunk my limit for my mortgage would be around 1000 a month. With 3.5.down. I'm new to house buying so I'm not sure how much would I need to be looking at to be at a 1000 a month
By saying you were putting down 3.5%, I assume you are looking at an FHA loan.
To stay in the $1000 range in my area, including mortgage, insurance, taxes and PMI you would have to buy a $140K house or less.
A $190K FHA mortgage would be $1480/mo.