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I was planning on purchasing a home in 2013. And was wondering if any of the benefits decisions I make for next year will affect our mortgage loan size. We just had a baby and was debating whether or not I should set aside $5000 for Dependent Care FSA - would this affect the loan size(even if this is temporary - 2 years tops)? How about the 401K(this would be more permanent)?
Also we have take-home of around 7,700 and put around $2,000 - $3,000 monthly on our credit card. We pay off the balance in full every month. We have no debt(no auto, student - none). So this monthly $3000 would not be considered a debt payment in the mortgage calculations - correct? All the mortgage guys care about are payments towards debt - correct? Any help would be appreciated. Thanks.
I don't think the FSA or 401k will be an issue either. Some lenders may ask about child care costs because it is a major recurring monthly expense and use that data as a factor in deciding how much you qualify for, but many will not.
The big question for you is going to be what size mortgage (including taxes and insurance) payment you are comfortable with each month given that you have a new baby which will get more expensive over time and how much you need to budget for maintenance and upgrades to the hosue, along with things like furniture, window treatments and such that people often update after moving.
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