Need help :first time buying a house (loans, credit card, cash)

[BT00]

Hey guys, I will be considering buying a house in few months. I need little help about how much I can get a loan for. We are definetly looking for $320k-350k house. I have about $25000 to put as down. My gross is 70k a year. I have two car loans with my wife one with $376 and other is $300 a month, my credit cards minimum a month is about $400 a month. Please if anyone could advise because the kind of house we will need will sure be around $320k to $350k range. My wife is not working and I am working in this company for 2 years. We will be looking a house in Prince William County.

[MrRational]

Originally Posted by BT00

.
My gross is 70k a year.
wife is not working
two car loans $376 and $300 a month,
credit cards about $400 a month.
about $25000 down.

We are definetly looking for $320k-350k house.

You won't be getting a $300,000 mortgage from me.

Trim your sails some and get the best $150-200K fixer you can find.
Ideally that'll be in a nicer $200-250,000 neighborhood with good schools

Put your wife to work painting and landscaping day to day
and then you take on a "fix up project" about every quarter
using all that extra cash you think you can afford a $350,000 house with.

After a couple years... poke your head up over the hedge and see how you're doing.

hth

[lawmom]

You would likely get more helpful advice if you ask the mods to move this to the mortgage thread.

[Elke Mariotti]

Originally Posted by lawmom

You would likely get more helpful advice if you ask the mods to move this to the mortgage thread.

It's posted there too

[lawmom]

Oops, lol!!!