I know there are variables like down payment, etc...but so many calculators give me different results. I always thought rule of thumb was 2-3 times your salary. Here's the basics... $50,000 primary salary $4500 second salary $0 monthly debt Scenarios w/3% down and 5% down? Some website calculators have me as high as $190,000, some as low as $98,000! What debt to income ratios are most lenders working with with scores in the mid 600 range? How about interest for those scores? I'd like to buy a $145,000 townhouse...do I have a shot? $2900 property tax, $100 monthly association fee. Thanks to any who have advice.
I don't see any problems with you going FHA depending on where you live. To begin, look here and see what the FHA limits are for your area: https://entp.hud.gov/idapp/html/hicostlook.cfm I recommend FHA because you only put 3% down and the credit requirements are minimal. Credit requirements including no outstanding judgements or collections and 2 years after bankruptcy. Given 54,500 per year your gross is $4542 per month. For a home of $145,000 at 5.5% for 30 years your home payment would be around $825 per month. $825 principal and interest $100 insurance (estimate) $90 private mortgage insurance (estimate) $242 property tax ------- $1257 per month total This is 27% of your income or 30% including the HOA fee. This is well within FHA limits. I don't know much about other programs since we used FHA for our initial purchase and refinance.
