It is hard to say with the information provided. When you say your "take home pay is half what it was" this could be as much as $30K, or as little as $15K with some of the teachers salaries I have seen. There are programs available to assist teachers and retired teachers, but those are usually down payment assistance programs and as you said you you already have a good down payment.
With that being said, the best thing to do is talk to a mortgage PROFESSIONAL, and really just see what you are working with and if you have a starting point. Do not eliminate or disqualify yourself without having the numbers ran. I am a Realtor, and would be happy to put you in touch with one of my preferred lenders that would be happy to speak with you, there is no charge except perhaps the charge for a credit report which is about 20 bux, and this is waived if you do decide to work with them to get your mortgage. This is pretty standard with ANY mortgage broker.
Also it is key to point out, cash in hand, and a ready and willing buyer can take you a long way, if your debt to income ratio is within range, and depending on how much you are willing to put down, and the price of the home you want to buy in most cases something can be done. After all, hundreds of thousands of seniors, and those on disabilities the prohibit them from working can usually still be a homeowner.
Please feel free to contact me with any questions regarding purchasing a home, and I would be happy to work with you in finding that new home.
Have you owned a home before ? If no then you might be able qualify for the tax credit.
All loans require your contact a lender review your financial records, credit scores, current income, debt ratio, if decline could require a few adjustments take up to 60 days for those issues be resolved however still plenty of time close on a home if you qualify for $8K
National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Then consider, we have 2.7 million foreclosures in the process today. We are expecting 7 million foreclosures to come in 2010-2013. We have 10.2% unemployment nationwide and it is getting worse. That is about 15.7 million who wants jobs that can not find them. That does not even include those who do not go to the unemployment office or have given up. We have 36 million on food stamps now.
My point is this. we had 19% decrease in house prices last year. With all the above statistics we have a lot of scared people. They are nervouse about getting major long term debt if they may get fired tomorrow. That means less buyers and more sellers to come. You are likely to find if you wait 1-3 years you will get a lot better price on a house.
look at those, search the other stats I gave in a search engine. You will find many reasons house prices should drop and few they should increase.
look at the how much house can I afford link in the listings. Once you figure out how much house you can buy for how long a time you can start looking at mortgage companies. Then look at realtors and real estate. Just be realistic and place monthly income and life expectency into your equations. Do you still want to be making payments on your 90th birthday? And remember, houses break down and need repairs. Will you be able to do them yourself or will you have to have someone else do them at high wages? Something else to add into the equation. Then consider the term. You can get a mortgage for 15 or 30 years. But you can also get them for oddball numbers. Nothing is to stop you from getting a 12 or a 23, or a 32 year mortgage. Interest rates can change with the length of lending so look at many different time frames.
Let us know if you need a referral to a great lender.
Keller Williams Realty