Lenders look at ratios, usually they would want to see that your housing debt is is no more than about 28% of your income and your total monthly debt is no more than 36%. There are special loan programs that allow you to be a little more flexible with those percentages, but you would want to be careful not become cash poor and house rich.
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
Laura Grace
http://www.LGRealtor.com - Wed Oct 7 2009, 08:22