When my income was around that level, I was only able to handle a mortgage of around 100K on my own (no roommate). It may be better for you to buy a home that you can afford on your own because roommates are never a guarantee and having a roommate can also cause the property to be considered an income producing property, which would affect homeowner's insurance and interest rates...and the roommate's rent would be considered part of your income (and taxable). One option for you could be to consider obtaining an FHA loan, which allows a non-occupying co-borrower (a family member)...you'd be the one who officially 'owns' the house, but having a non-occupying co-borrower can help you afford more house (as long as your family member has good credit, sufficient income, and is willing to co-sign on a loan for you). You can check with your lender to verify the information or talk to a tax professional & insurance professional if you're not sure about the effect of having a roommate documented for your loan application will affect you financially.
Which city are you relocating to? Our company can match you with a Realtor in the area you're moving to if you don't already have one there...we have relationships with companies all across the U.S. (and abroad).
I hope that information helps! Have a wonderful evening!
I'd encourage you to talk to an experienced local real estate agent who can guide you through the whole buying process, starting a buyer consultation to closing on a home. You do have have to pay their fee. Seller will pay for the fee.
As a licensed mortgage banker we look at your gross monthly income not net. Homes in this price range might work for you. There may be a few types of loan programs you could qualify for depending on your credit, down payment, future taxes and insurance. Debt ratios in some cases could go up to 50%. I would be happy to discuss your situation and pre-qualify you for a loan and send you a pre-qual letter. This will help your Realtor select homes in your price range.
You can email me at firstname.lastname@example.org or call 1-800-999-2489 x7978
He's great and honest. They are also a bank and can handle loans in all 50 states. I'd don't know where you're headed, but start with the $$ before you fall in love with a home. It's a lot harder to go down in price than to head up.
Also, life can throw some curve balls. Make sure you're smart about buying instead of buying off of emotion. A great Realtor can dig up some deals or provide an alternative location that still fits your needs for a little less. It's worth doing research.
The best plan would be to talk to a local lender. I would be happy to put you in touch with a caring and reputable lender in your area. In addition I would be happy to help you find a Realtor to help you search for the place to call home. Please email me through my website.
Do you know about the $8000 first time home buyer credit? You must close by Dec 1, 2009
The first thing you should do is sit down with a lender and discuss the options that are available to you based on your credit history, income, down payment etc. He/She will give you an idea of what you can afford and feel comfortable paying every month. Afterward, you should begin looking based on that amount.
I always recommend that buyers stay within the range that they can comfortably afford and not spread themselves out too thin. In the event you lose that roommate you'll be held accountable for making the mortgage payment every month. Also, there are taxes, insurance, HOA, and other incidentals that arise when you own a home. Often renters are not aware of these and they will increase payments as well.
Remember, you also don't want to be cash poor. So think about all of your options and invest wisely.
You take home.... ? $2200/month?
That $190,000 mortgage + Taxes + Insurance will eat half your take home.
But, what you really should do is sit with a lender ASAP to figure out what you will qualify for, and your comfort range.
I don't think a room mate contribution should be a part of your calculation.