You need to go and see a mortgage broker to best evaluate your situation...then you can get an idea what you can buy

Sat Nov 3 2007, 19:00

Dave, Good points were considered by Lynn. Also keep in mind that Michigan property taxes might be more than indicated because of the pop up. Here is a generic calculator http://garysmith30.point2agent.com/Calculators/page_163210.html

I would be a little wary of the low monthly insurance payment you suggested. If this is a primary residence, the State of Michigan may offer loan assistance through MSHDA at http://michigan.gov/mshda

Sat Nov 3 2007, 17:46

Hi Dave,

When you say "rents", is that from an income portion (like a adu or second unit) on the house you are considering buying?

There are a few other components to consider as well, for instance is this an investment property, or will you be living in it? Or is it two units and you will live in one and rent the other? How much down payment will you be making?

The reason I ask is that if it's investment only your interest rate will be higher by 1-2% as it is a "non-owner occupied" loan.

If you can give a little more informaion maybe we can help loosely put you in the ball park of price ranges. Ultimately, however, this should be done with a lender who is looking at your specific criteria, i.e. credit report, income, and money down, and he/she will be able to offer a variety of loan packages and at that time you will know what rates would apply and what loan balance feels comfortable to you for payment.

Lastly, remember that what you qualify for can often be higher then what you are comfortable committing to, so have your lender make this dinstinction for you and find the home that best fits what you want to pay.

Best of luck to you!

Sat Nov 3 2007, 17:00