Yikes!!! $2600 is more like 50% of my take home. This means living paycheck by paycheck and pray that nothing bad happens for the next two years. I will be curious to hear from people that have gone through this process!!!
We purchased a 469k house last year based on my wife’s 105k salary with 5% down. She had no debt at the time so her DTI was clear.
Our property taxes are $7200 a year, for comparison sakes.
Ummmm. If someone quoted him $3700 for PI Alone on a $400K note, I’d say he needs a new lender!! That’s north of 6% unless you’re somehow estimating the entire PITI payment.
That was the entire PITI payment for a 15 year fixed loan at 420K.
I talk to one of the big bank mortgage laon today and they gave me a loan proposal without running my credit. I provided them with my mortgage score and other info, and they quoted a monthly payment of $2496 (Taxes: 401, Ins: 133.33 and MI: 120.33 and Mortgage $1841) per month. This is with 5% down @ 4.125%. Nowadays can you get better than 4.1%?
Thanks also to glouk and Cjohnson18711 that shared their experience. It reassured me that people are doing it and that I'm not crazy to go that route. I also feel like Cjohnson18711 that I passed the starter house thing. I just need to jump in but right now I'm kinda scared !!!!