First Time Questions

[Heatherkins]

I am trying to figure out how much we can really afford. I have used the mortgage calculators and I am just not sure if they are even in the correct range. I am planning on paying off debt by January and plugging 1500 a month away to save for downpayments/closing costs/reserves. I am trying to research early to make sure I am ready for a purchase next November/December. 

Scores (Fico) range from 670-710

Income 79,900 Gross 

Monthly Net: $5638

Debts: Car Payment ($421) Student Loans ($405) 

Downpayment Anticipated: 12.5 K 

Hoping to be qualified for around $250K 

Taxes in Vegas run between $1500 and $2000

Does this seem feasible? 

[StartingOver10]

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@Heatherkins wrote:

I am trying to figure out how much we can really afford. I have used the mortgage calculators and I am just not sure if they are even in the correct range. I am planning on paying off debt by January and plugging 1500 a month away to save for downpayments/closing costs/reserves. I am trying to research early to make sure I am ready for a purchase next November/December. 

Scores (Fico) range from 670-710

Income 79,900 Gross 

Monthly Net: $5638

Debts: Car Payment ($421) Student Loans ($405) 

Downpayment Anticipated: 12.5 K 

Hoping to be qualified for around $250K 

Taxes in Vegas run between $1500 and $2000

Does this seem feasible? 

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Is there likely to be a HOA fee? If so, that is included in your ratios too. Are you thinking of going with a conventional loan or FHA loan?

[Heatherkins]

There will most likely be a fee. Many range from 20-70 a month. I would say 45 if I had to estimate.

I am open to any type of loan. I figure FHA would be more of a sure shot? Not quite sure.

[DallasLoanGuy]

your debt ratios are well within loan guidelines

i calculate 27/39