How much house should I buy?

[CogSciGuy]

Hey guys,

I mostly lurk, but thought I’d post something for once. I’ve seen a few different rules of thumbs regarding how much home one should try to buy, but I’d be interested in what some of you would advise as well.

My gross income is 120K and my only debt is 20K in student loans (I pay 200/month on them). I’ve heard 36% of gross monthly income as a rule of thumb for all debt payments. That’d be $3400/month PITI! That feels like a lot to me–not at all conservative. What kinda PITI range would you be comfortable with?

Thanks for your input.

[CogSciGuy]

Oops, meant to post this in the general “housing market” forum. Oh well.

[CogSciGuy]

Oops, meant to post this in the general “housing market” forum. Oh well.

[CogSciGuy]

Oops, meant to post this in the general “housing market” forum. Oh well.

[CogSciGuy]

Oops, meant to post this in the general “housing market” forum. Oh well.

[CogSciGuy]

Oops, meant to post this in the general “housing market” forum. Oh well.

[HLS]

Have you got 20% for a down payment and reserves beyond that and a credit score above 680 and same job for 2 years+ ?

[HLS]

Have you got 20% for a down payment and reserves beyond that and a credit score above 680 and same job for 2 years+ ?

[HLS]

Have you got 20% for a down payment and reserves beyond that and a credit score above 680 and same job for 2 years+ ?

[HLS]

Have you got 20% for a down payment and reserves beyond that and a credit score above 680 and same job for 2 years+ ?

[HLS]

Have you got 20% for a down payment and reserves beyond that and a credit score above 680 and same job for 2 years+ ?

[CogSciGuy]

I’ve had the same job for 4 years. My FICO is like 675 right now (bankrupcy 4 years ago). I have $10K saved for down payment.

I’m not sure on the timing of when I’ll buy just yet. I’ll probably be waiting at least a year to save another $20K or so and boost the FICO a bit–assuming prices don’t start to increase.

[CogSciGuy]

I’ve had the same job for 4 years. My FICO is like 675 right now (bankrupcy 4 years ago). I have $10K saved for down payment.

I’m not sure on the timing of when I’ll buy just yet. I’ll probably be waiting at least a year to save another $20K or so and boost the FICO a bit–assuming prices don’t start to increase.

[CogSciGuy]

I’ve had the same job for 4 years. My FICO is like 675 right now (bankrupcy 4 years ago). I have $10K saved for down payment.

I’m not sure on the timing of when I’ll buy just yet. I’ll probably be waiting at least a year to save another $20K or so and boost the FICO a bit–assuming prices don’t start to increase.

[CogSciGuy]

I’ve had the same job for 4 years. My FICO is like 675 right now (bankrupcy 4 years ago). I have $10K saved for down payment.

I’m not sure on the timing of when I’ll buy just yet. I’ll probably be waiting at least a year to save another $20K or so and boost the FICO a bit–assuming prices don’t start to increase.

[Author]

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