I'm interested in purchasing a home in the next year or so. My current income is $87,000 salaried. I've had the same job for 7 years. My current debts are a car loan for $750 , student loans with a monthly payment of $200 and credit cards with a monthly minimum of about $150. I will pay off 2 out 3 cards before actually applying which will bring my monthly cc payments to about $80. I plan to put about 5% down, which i'm actively saving for. The house we are interested in building will cost about $310,000 and the builder will throw in 4K towards closing cost if we go with his preffered lender. Also there's a $600 yearly HOA fee associated with the neighborhood and taxes in that area is 1.1% of your purchase price. My husband currently make 35,000/year with no debt but he has no credit history since he just moved to this country and his SS# was issued less than a year ago but we file our taxes as jointly so can his income be factored in.
I doubt that your husbands income will be allowed. My husband had to show TWO YEARS when he switched from salary to commission.
That car payment will probably hurt you. I doubt that you will be able to spend more than $275k. Hopefully one of the loan gurus will chime in to help you out.
Yup I think you are at the top end of what you can get, but looks good. You should be able to do it with your income only.