Cynthia,
The answer is probably but the only way to know for sure is to contact a lender. The best in the Valley is Supreme Lending in Brownsville. You can go to our website below and use the financing tab to submit a pre-qualification request to Ronnie or Linda at Supreme. There is no cost involved. If you have any other questions, feel free to contact us.
Thanks,
Chris Clark, Broker, Harlingen, TX

From the limited information you provided I would have to agree with some of the other answers. Yes you should be able to afford the home.

At the same time, please make certain the person you choose to provide your mortgage is well qualified to help you understand your cash flow picture. In the finance side of real estate, we call this the debt to income ratio. Just because your debt to income ratio is approved through automated underwriting doesn't mean you should do the deal. You will need to make sure you are comfortable with the payment.

In every market there are home owners who have bought more house than they can realistically afford. Think twice before you sign the papers.

Good Luck!

Trey Bowden
(405) 340-3277

Cynthia, call me at 956-423-8877 and I can help you.

There are more variables to consider, like total debt, credit score etc...
You can use the FREE calculators on my site to enter in your data.
You can get a FREE credit report once per year as well.

Cynthia,

Good question. The basic answer is yes. Most people can spend about 30-35% of takehome on housing and feel comfortable. Each person is unique. Check with a loan officer at your bank or credit union. They can give you better guidelines concerning your individual situation. It depends on how much you save, how much you spend, do you have kids and childcare expenses, how much debt you have, etc. There should be no charge for this service.

Cynthia,

You will be surprised to find out just how much home an income of $70,000 will qualify you for. Of course there are other factors involved such as credit score and debt to income ratios. Only a qualified Loan Officer can give you the right answer based on your financial standing. However, here is a link to the Mortgage Calculators on my website that may help a little for now...click on the link or copy/paste it into your browser.

http://www.ehomeontheweb.com/Nav.aspx/Page=%2fPageManager%2f…

I am a Dallas based Realtor and can certainly provide you with the contact info for both Loan Officers and Realtors in the areas you are considering if outside of Dallas. Feel free to call or email if I can help.

Best regards,

Alan Wynn
Like NO ONE Else!
214.729.5582
info@DallasHousesOnTheWeb.com

Absolutely possible. Even if you have no money for down payment, there are programs that could be structured to help you purchase real estate. Here is simple calculation:

Purchase price: $ 120,000
Down payment: $ -0-
Loan 100% @ 5.75% $ 682.00 p/month (30 years amortized FHA guarantee)
PMI $ 100.00 p/month (FHA requirement, can be obliterate when
equity in property will increase 20%)
Property taxes $ 110.00 p/month (base on property tax of $ 1320.00 p/yr)
Fire insurance $ 50.00 p/month
Monthly cost $ 942.00

FHA guarantee loans ratio = 55/45 therefore if you are making $70K your net
(-28% taxes) approx. = $ 50,000 – approx. $4100 p/month – ratio – $2255/$1845
Meaning you could pay up to $ 1845 to pay for your real estate and $ 2255 for all other stuff.

Hope it will help. Look for the FHA approved lender in your area.

Gene http://www.gemconsultants.net

Cynthia, It's probably very realistic. A good rule of thumb used to be about 2-3 times your annual income could be spent on a home. However, following this rule of thumb to the 3X will probably lead to a surplus of soup in the cupboard and a wistful sigh at the thought of ever going out to eat again. Only you can determine how much you can comfortably afford for a house payment. Sit down and make out a budget, allow for incidentials and look at realistically how much you can spend per month. Call your lender and tell them that you are aiming for payments INCLUDING taxes and insurance and ask what house price that payment equates to.

Good luck on your purchase!!!

Yes however it all depends on your credit scores. Based on scores you could qualify for up to $210K

I completely believe it is reasonable. The P/I (principal and interest) runs a tad over $750/month. Add in taxes/insurance, and you'll have your answer.

You are the only one who knows what your current Debt is monthly etc.

Hunter Jackson http://www.IBlogColumbia.com