Buying power

[pedsaktix]

Realistically.. how much buying power I can get for a VHDA loan?

Here's my status.. 

FC - TU 642 | EQ 629 | ??

Income: 69K

Debt: $280 Car loan, $100 a month on IRS, $109/month personal loan, $80/ month CC. All in all.. $569 a month.

Thanks,

[MovingForward_2012]

You can probably afford up to $250K with 3.5% down but a more reasonable price for your income and debt is $200-$225K.

[MovingForward_2012]

The amount you can afford hinges on the amount of property taxes in your area. Do you have an idea of the cost of that on any homes you were looking at?

[pedsaktix]

Im located in here Northern VA..  The  Townhouses I'm looking at are around $280K - $290K  and taxes around $4K..  Any lower than that is really not an ideal location for me.. 

[tooleman694]

280k is gonna be a stretch unless you have some good down payment. You could probably do it all the way to 280k but man.

[JM-AM]

Most Lenders are not giving 4x your income any longer. And in this case its actually a little more then 4x the income.

While a few still doing them as rates keep rising they are slowly all cutting back.

[pedsaktix]

Unfortunately we do not have any down payment right now..  My lease on my appartment will be due on May 1st and I was hoping we could purchase a house before we sign another 13 month lease..  I know we could save for a year and use it as a down payment but I was really thinking of just move now if we can. 

We have a combine income of $110K with just debt of $570 plus $1600 for our rent..  Wife's credit is good right now so it's just my income and my name will be on this mortgage application..

[tooleman694]

Then give it a shot.

[pedsaktix]

I meant.. *Wife's credit is NOT good at the monent.. so this is why it'll be just me on the mortgage application.

[Anonymous]

Yeah, like he said give it shot. We are in the same boat as you. Lease is up in July and we would like to get on the VHDA program as well. Looking in the same range townhouses as you. I would just try to be really proactive and get all "your ducks lined up" and be aware of the FHA changes happening this year as I do believe this effects the VHDA program.