U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
Old 04-22-2015, 07:49 AM
4,627 posts, read 7,206,357 times
Reputation: 4735


Here is an easy calculation using debt to income ratios of 28% and 34%

Monthly gross: $5500

x 28%

Total max monthly mortgage payment $1540 PITI

Monthly gross: $5500


Total max monthly debt payments (mortgage and long term debt) $1870

I do have to ask why you are carrying that credit card balance when you have money in the bank to pay it off.

Personally, I'd rather retire current debt before taking on new.

Home ownership comes with all sorts of surprises costing $$$. I don't know about your area.....but my taxes go up at least 3% a year......and homeowner's goes up every year as well.
Reply With Quote Quick reply to this message

Old 04-22-2015, 03:47 PM
35 posts, read 52,899 times
Reputation: 25
Thanks so much everyone for the feedback. I sure do appreciate it. My father passed away and did not have life insurance so I met with the funeral home and put his funeral on my card. Will pay this off in no time. I included it because the funeral cost was incurred just as I began the pre-approval process. Just wasn't sure if that negatively affect me. I received a lot of good feedback so will retire my thread. Thanks so much again.
Reply With Quote Quick reply to this message
Old 04-22-2015, 03:49 PM
35,121 posts, read 37,842,380 times
Reputation: 61845
Originally Posted by Penelope17 View Post
Hello. First time home buyer here. In the pre-approval process. The lender told me I could look to buy a home up to 200K. I'm skeptical of this figure and would like to get an opinion from some of the professionals on the forum. Here is my situation:

Income- 66K
Employed FT for last 10 years
Chapter 13 filed 2010, will discharge 8/15
Credit score 680
No late credit card payments
1 credit card with 4K balance
25K for down payment
Student loan pmt 500/mo

I'm thinking it would make sense to purchase a home between 180K and 185K given my down payment. My first question is would I likely qualify for a loan? Second, am I looking in the right price range? I'd like to keep my payment at/around 1K to 1150 per month. I'm applying for FHA so need to factor in PMI.

Thanks so much in advance for helping.

If you are skeptical then do not get a loan for that amount, only take the loan for the amount you are comfortable with.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.

Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top