@altayar wrote:
Hey guys,
This is my first post in the mortgage section. I graduated from college a year ago and got a job that pays 82k a year - I am looking to buy my first home as a single person for now but getting married in a year or so.
I really have no idea how the mortgage process goes .. typically what's the first step? I don't have a specific home in mind yet .. but with my income what could be the maximum amount a lender would feel comfortable giving me?
My credit is good .. my scores are around low 700s right now.
Thanks for you in advance!
Congratulations. I'm impressed to hear about your objective one year out of college. I owned home #2 before I got married so I know how that feels and I wish you much success.
$82,000/12=$6,833 [gross monthly income]
$6,833 * .43 = $2,938 [43% of your gross monthly income should cover your housing plus other expenses].
You did not mntion savings available for downpayment.
A $250,000 price with 10% down should run about $1,800 per month PITI [principal, interest, taxes, insurance]. I recommend that you don't go much higher than that if you want to have discretionary cash to enjoy your life and new life after your wedding.
Don't know were you are located but here in Northeast Florida, you can buy a pretty nice house for $250,000.
