My husband makes $45,000 and we have 3 kids what price range do you suggest we look at when purchasing a home?

Answer 1

Here you go fill in the blanks according to your personal situation and with a click you should have your average and extreme

http://cgi.money.cnn.com/tools/houseafford/houseafford.html

Answer 2

What are you paying in rent now? Try to stay in the same price range if you're comfortable with that amount. You can tell any banker what you want your monthly payment to be (after taxes and insurance) and they'll tell you what you can afford.
DO NOT try to stretch it. If the bank says you can afford a higher payment than you're comfortable with, forget it! Don't let them fool you into destroying your credit.
I personally could QUALIFY for a home valued at twice the price range I'm currently looking into, but I don't want to have to pay the high monthly payments. Sure, spending twice the money would get me a larger, nicer home requiring less work BUT everything comes with a price tag.
If you don't have 10% of the value of the home saved for a down payment & closing costs, or if you have lousy credit DO NOT buy a house now. That'll be like putting the nails in the coffin for your credit. Also, do not take an ARM or interest only loan - again, you'd be asking to foreclose when the payments skyrocket- AND THEY WILL.
Everyone wants to own a home, you just have to do things the right way if you want to keep that home, that's all!

Answer 3

Your best bet for a mortgage right now is an F.H.A., Qualifying @ $45,000.00 = $3,750.00 a mo. X 31% = $1162.50 , total mo. housing expense. Which includes principal& interest, taxes, m.i.p., h/o insurance. Depending what area you live in, and the prop. taxes for that area, will determine what you can afford. Example: $130,000. @ 6.52 = $847.60 p&i + $49.00 m.i.p. $100.00 tax, + $80.00 h/o insurance =$1076.00 payment. Your total debt cannot exceed $1612.50 per month. H/Payment + mo. debt. , in other words, no more then $450.00 in car pmts., credit cards, loans, etc. or 43% of your gross mo. income. You can have some credit problems, but they must be addressed, and documented. This is a buyers market, so ask the seller to pay for all allowable closing cost, (up to 6%) in your offer. All you will need is 3% of your own money. Hope this helps, Good Luck

Answer 4

Impossible to say. What else do you owe, what are your FICO scores and a ton of other questions.

If you have absolutely no other debt and your scores are above 680-700 then around 135Kand that is the TOP of the range.

Answer 5

it doesn't depend on your husband's income. does he have good credit? how much are your bills, credit cards or any car loan or personal loan? how much can you put down for downpayment? how much you can afford to pay every month? these are the questions you have to think first before you purchase a home. try to pre-qualify first, you can start by visiting your bank. tell them that you want to get pre-qualify for a home mortgage. then they will tell you all the information that you need...

Answer 6

that partly depends on how much debt you have and how much money you have to put down. if you have $300/mo in bills (credit card and vehicle payments) not utilities and you have $5,000 to put down you wouldn't want to look at anything over $70,000. again, that has to do with what you have to work with as a down payment. you could check our realtor.com to do a more accurate calculation as well as view homes that are available in your desired area.

Answer 7

General rule of thumb is 2.5 x your annual income which in this case somes to $112,500

Answer 8

don't go over $200, 000. don't get caught up in having struggle to make mortgage payments. If you don't have money to put down.... then I would stsy around the $150,000 mark.