What will be comfortable? That will depend on your income to debt ratios; meaning how much money is coming in each month and how much goes out for bills and monthly expenses (typically guidelines say only 41% total of your income can be dedicated to expenses) . An ideal loan payment and I stress ideal will be less than 25% of your income. Most guidelines will allow up to 29% for your PITI payment (principal+Interest+taxes+insurance) Based on what you are saying you will not be able to factor your income/potential income into this loan (I am assuming you are full time student). Lenders require two solid years of consistent employment.

Hands down start by talking to a bank or lender. Do not soley rely on our answers. Your question lacks way too many details and you want a reality check after filling out a loan application. We're just ballparking for you. Go to the bank you do business with first. Give that bank a chance to earn more of your business. Then get a good, solid reference and price the loan. Loan products are no different than any other product. They come in different shapes, sizes and prices (you get the point). Depending on who you talk to will depend on how much you pay and what kind of service you are going to receive. As first time home buyers you need to find someone that will be patient and explain things to you; not just throw paper in front of you and say, 'sign here.'

Please visit our website and blog for more information and best of luck!
Susan Walker

Question for you! Do you mean you want to pay on the house for 5 years, then sell it and move into something newer or bigger? Or do you mean you want it paid for in 5 years time?

"Mr.Ed" Alvord
Realtor

I also recommend talking with a lender as your next step. You don't want to find a house you love and find out you can't get a loan for it. I would recommend talking to at least 2 or 3 lenders to see who gives the best rate and lowest fees. I would check with your local bank, Bank of Oklahoma and The Bomar's at 445-5445.

Hi Sexynee!

Chris is right. If you talk with a local lender, they will be able to give you an idea of what you type of mortgage you can qualify and an estimate of what your payments could be. If you have $15,000 to put down that is a fantastic start. Also, since you are a first time home buyer, there are many programs available specifically for first time buyers that help with closing costs and down payments. Here is a helpful websites: http://www.ohfa.org/OHFAAdvantage/homebuyers.htm. Let me know if this interest you.

Also, go to http://JenniferSellsOklahoma.com and look under my buying page and mortgage page for more helpful hints on first-time home buying plus on helpful mortgage questions. If you would like to talk with a local lender, email me at Jenn@JenniferSellsOklahoma.com or call 405-625-1576 and I can refer you to some great people. I would love to help you find a home (allot of great deals right now), I specialize in first-time buyers and can hold your hand through the entire process.

Happy Hunting!

Sexynee,
Your next step should be to contact a local loan officer/mortgage broker. They will ask you qualifying financial questions and give you an idea about your buying power. If you plan on having your home paid off inside 5 years, this is going to mean higher than average monthly payments, which will limit the ammout you can spend on a home. You may want to consider a 15 year mortgage in which you can make double payments occasionally. Speak to a loan officer about your long term goals. As far as making mortage payments and still living comfortably, that really depends on your lifestyle and budget. Good luck to you!