It is hard to say with the information provided. When you say your "take home pay is half what it was" this could be as much as $30K, or as little as $15K with some of the teachers salaries I have seen. There are programs available to assist teachers and retired teachers, but those are usually down payment assistance programs and as you said you you already have a good down payment.
With that being said, the best thing to do is talk to a mortgage PROFESSIONAL, and really just see what you are working with and if you have a starting point. Do not eliminate or disqualify yourself without having the numbers ran. I am a Realtor, and would be happy to put you in touch with one of my preferred lenders that would be happy to speak with you, there is no charge except perhaps the charge for a credit report which is about 20 bux, and this is waived if you do decide to work with them to get your mortgage. This is pretty standard with ANY mortgage broker.
Also it is key to point out, cash in hand, and a ready and willing buyer can take you a long way, if your debt to income ratio is within range, and depending on how much you are willing to put down, and the price of the home you want to buy in most cases something can be done. After all, hundreds of thousands of seniors, and those on disabilities the prohibit them from working can usually still be a homeowner.
Please feel free to contact me with any questions regarding purchasing a home, and I would be happy to work with you in finding that new home.... more
Not sure which address interests you, but there are lots of foreclosures in Providence and Savannah.
If you are not already working with a realtor, let us know if you'd like a list.
Keller Williams Realty... more