Reply to How much would you spend on rent with $115,000 gross income?

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[quote=Anonymous]OP, if you are looking for a loan with less than 20% down you should consider that you are likely looking at an FHA loan. We're looking to refi our current FHA loan (owe between 500-600) and under the new rates for these types of loans, if we have less than 20% equity and do another FHA loan the mandatory mortgage insurance (or PMI) will be almost 600 a month for 5 years plus we'll pay an upfront fee of 9k. For comparison, our current PMI on our existing loan is around 250 a month. As we're probably only a few thousand away from 20%, we're just going to pay the difference so we can get a conventional and a better interest rate. But, you should consider this as you are doing your thinking about down payments.

As for the amount you can borrow, I'd say 250-300 would be do-able. Even with PMI, your total costs (insurance, taxes, payment and PMI) should be around 2200-2500. That's reasonable on 115. You probably won't find many SFHs that are decent at that level, but you could find a nice 2 bedroom condo. [/quote]

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