House buying conondrum

[Anonymous]

Anonymous wrote:

Anonymous wrote:Not to hijack the thread but I have about the same income as OP (95k) and although there are homes I like at 375k - I feel like it that price is too much. I have no student loans or car loan. So is that price home actually feasible for me? I am getting the sense from this thread - that it is. And that is surprising to me.

Forgot to mention - can put down 20%

Feasible, yes. I'd be more comfortable at 330k though.

[Anonymous]

OP, when I was making about $95k I bought a $310K house, but was ok with an FHA loan at 3.5% down. I only had about 30K in student loan debt, and no car loan (sold my car about a year prior). It was comfortable and within my means. Could you change your student loan payment plan to an extended plan to pay it off later? This may not be ideal, but would lower your DTI. (As others have mentioned, something will have to give, and you could take longer to pay down the student loan and/or go FHA.)

[Anonymous]

We were in a somewhat similar boat. 330k townhouse, almost 100k student loan debt and no other significant debt or car loans. We are managing but we are tight. We would like to get up to around 150k in income to feel more comfortable. Like PP said you might need to look at your loan repayment options or possibly consider a condo. Also think about what your income might look like in the next few years. If you feel at all uncertain I would be conservative.

[Anonymous]

Meh. OP. I bought 5 years ago with $95K income. Also $395K house. I did FHA. I had no car loan or credit card debt at the time, so the DTI didn't even factor.

If I were you, I would take some of your savings and refinance the car loan. I bet you could get your DTI within the acceptable level that way.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not to hijack the thread but I have about the same income as OP (95k) and although there are homes I like at 375k - I feel like it that price is too much. I have no student loans or car loan. So is that price home actually feasible for me? I am getting the sense from this thread - that it is. And that is surprising to me.

Forgot to mention - can put down 20%

Feasible, yes. I'd be more comfortable at 330k though.

As the PP - I agree. But trying to find something decent for $330 in a good school area and not too far from work is a bit of a challenge. Guess we will stay where we are for a while.