Asked by Sean Michael O'Mallon, Staten Island, NY • Fri Apr 27, 2012
I work for the city, she works at a hospital in Brooklyn. We are recently married, and would like to move from a small 1 bedroom apartment to a 2 bedroom condo/townhouse to capitalize on this down market. we can only swing 3.5% down, don't have much in the bank, and have some miscellaneous debts. We both have great credit (above 750 each), and are trying to figure out what is feasible for us to afford in a mortgage. We gross about $120,000 a year combined. Can we afford a mortgage at all? What is the most reliable advice toward seeing what we could afford monthly. I know PMI is a factor, plus HOA fees, along with insurance and taxes. We are just nervous about getting in over our heads, plus, we found a home that we both love, but are too afraid to make a move because the mortgage would potentially be around $2,000 a month with all fees included.
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