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thanks guys..
@Kroy-i do rent...i could comfortable afford maybe a 1200-1500 dollar month mortgage without cutting back in lifestyle i think?! im not looking big here...i kno what is above my means...i dont have a family or kid yet...im looking at properties listing for 140-160?! FHA loans only require 3 or 4 percent down so i think i can cover that easily lol
assume that i am going to put down 20 percent i am still capped off on what i am allowed to borrow...if a bank bases what i can borrow solely on my income, regardless of fico and other debt/credit ratios i will only be looking at homes within a certain value...i was told by a LO before that based on my situation (which was one year ago) i could approve for 120k...a year ago i had higher ratios and a lower fico but still the same income...that was also an FHA loan and only needed like 3 percent down...
if i found a property for 200k and threw down 20% i still would need a mortgage to cover the ramaining 160k which i would not get approved for based on my income...i might have 40k but if you had 40k cash saved would you want to drop it all on a house dp?! what if there something came up where i needed to dip into savings.....i wouldnt want to empty the bank just to be a home owner then live paycheck to paycheck.....im obviously not a rich guy lol
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