Buying a house in Tomball/Cypress?

[City Love]

If you only want to pay $550 for a mortgage, then $65k-$70k would be the most you could spend. So you have that part right. But if you are willing to spend $700 a month or so, then you could bump up your search to around $80k-$85k. If that extra $100 a month will hurt you, then it would probably be better to continue renting. Like others have stated, the homes you will find in that range won't be in the best areas. And the homes you are seeing in that price range are likely foreclosures that need work (won't qualify for FHA financing unless rehab) or are unapproved short sales. The few homes that are in good shape to finance with FHA will likely have multiple offers from investors buying cash.

If you do want to buy a home, think about stepping up your options just a little. You'll be happy about it down the road.

[MsAltra]

Thanks for all the advice. Yes, it seems many of the houses in that range have some issues, and we definitely don't want to have to put a lot of time and money into repairs and upgrades. As much as I hate the idea of it, we may just continue to rent for at least six months to a year and see where things are from there.

Now I will need to do some research to figure out which apartment complexes to stay away from in the Tomball/Cypress area. If I up my monthly rent budget to around 800$, hopefully we can find something decent.