Home Buying in Cary>Question Details

Kende1980, Home Buyer in Cary, IL

Help figuring if these affordability indicators are right on, or if there is leeway.

Asked by Kende1980, Cary, IL Fri Mar 2, 2012

In the brief.
Lived in Illinois for 1.5 years, living with fiance who has lived here forever.
Fiance is gainfully employed but due to his previous unfortunate layoff of two years has shot credit.
My credit is very good.
I earn approximately 40,000 per year with great job security.
Fiance earns 52,000 a year with great job security (thank you God)
I have 41,000 cash to put down on a house.
I have 650 approx in monthly bills
Looking at homes in the $160-180,000 range
Affordability indicator says I can only afford a $103,000 home. (good luck finding that!)

Will this give me great difficulty in finding a home? How do I go about finding foreclosed homes, and would this be a better option for us (some of the homes we are looking at may even be foreclosed homes, I am unsure)

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Are you working with a Realtor? A realtor will help you get these types of questions answered by helping you build a team of professionals where necessary. Your entire situation including needs and wants needs to be evaluated, and a plan set in motion so that you can achieve your goal of owning a home. You will feel better knowing you are headed down the right path, a path you are comfortable with, with trusted professional advice along the way. Owning a home is a big step, protect yourself carefully going forward.
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