[quote=snail]A 60K/year income should not buy a 320K house, even with 20% down = its still more that 4 times annual salary. Lets say 20% tax, take home about $4000/month, his mortgage with taxes is about 50% of his net (Yes, I know you should use the gross income, but let be conservative here). What am I missing?[/quote]

That is high. When my son was first born we bought a 240 house with 10% down. At the time we were just living on my husband’s engineer income of about $65-70,000, it was pretty tight.