In a Pickle, need help

[cdtotten]

Thought I mentioned that, but if we rent it out we would owe the $7,500 back to the govt.

[fishbjc]

My advice to you:  Do NOT move in with your parents, her parents or anyone's parents...just a rough idea.  No home is large enough for TWO WOMEN, especially one hormonal and with a new child...try to make the condo work until you sell or purchase another place.   GOOD LUCK, I hope you find a buyer!

[cdtotten]

What would be the max we could roughly get qualified for only using my wifes info.

Her income is roughly $38,500 (school teacher) and the only debt she has is a car loan @ $342 a month.

Credit scores are all 700+ so no issues there.

[Lel]

How much are property taxes (as a percentage of home value) and hazard insurance in your area?

[cdtotten]

Taxes are about 1% and insurance about .5%.

[Lel]

Just did a quick calculation using very rough estimates and not considering additional closing costs:

$125,000 loan + 2.25% FHA MIP = $127,812.50 total mortgage amount

Amortized over 30 years at 5% = $686 P&I

$125,000 x 1.5% for taxes and insurance / 12 months = $156 taxes and insurance

Monthly MIP = $58

Total PITI + MIP = $900

$900 / $3208 monthly gross income = 28% front-end DTI (OK for FHA)

$900 + $342 car loan = $1242 / $3208 monthly gross = 39% back-end DTI (also OK for FHA)

So it seems that she might be able to qualify for a $125,000 mortgage.  Somebody please check my math and assumptions.  Like I said, I didn't consider upfront closing costs, just what the monthly payments might be.