Question Details

cowboys88, Home Buyer in Winston-Salem, NC

I make $70k per year and my fiancee is in medical school. We are looking to purchase a townhouse or condo in NC. How much home can we afford?

Asked by cowboys88, Winston-Salem, NC Sun Dec 9, 2012

Total monthly debt payments is $400/mo

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Typically 30% of your pre-tax income for housing expenses (PITI, PMI) is the general guideline for many programs. Back end ratio (combined installment, revolving, housing, etc) depending on the loan program is approximately 43%. Hope this helps. Different lenders have different guidelines...
0 votes Thank Flag Link Sun Dec 9, 2012
The best thing for you to do is make a few calls to some lenders that you would consider using and give them your info and see what they say. Once they tell you how much home you can afford get in touch with a local real estate agent and start looking for your new home. Good Luck
0 votes Thank Flag Link Sun Dec 9, 2012
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