Congrats on many fronts, starting with your engagement, your decision to buy a home, having good credit and with quite a decent down payment
Here's a quick estimate, using 4.75% interest rate, conventional loan for 30 years, to give you an idea of what you can afford based on an income of $70,000.
PITI Ratio- Conventional
Total Monthly Payment $ 1,633.33
Interest rate 4.75%
Years of Ln. 30
Insur.Rate % 0.35
Your Loan Amount will beï¿½ $ 226,595.00
Your approximate house price will be...
With 0% down $ 226,595.00
With 5% Down $ 254,188.00
With 10% Down $ 269,942.00
With 15% Down $ 296,617.00
With 20% Down $ 311,366.00
There are certainly enough possibilities, depending on type of home you want to buy....detached home, condo, townhouse? And will you consider foreclosures and short sales?
What a exciting time for you. How may we help?