Reply to would you take out a mortgage that is half of your take home pay?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]You're living above your means if you only have 6K in savings on 6500/month of take-home pay. Get your spending under control before you worry about purchasing a house.[/quote]

[b]I don't have only 6k in savings now, that is the amt I will have left in savings after purchasing home.[/b][/quote]

and THAT is financial suicide. I hope the lender doesn't approve you, for your own good. They'd be doing you a huge favor.  You need to boost your savings [b]so that you have 6 months minimum in your savings account[/b], and then after that assuming your same income, you should be looking at homes in the $500K range (which is what you're currently looking at based on the mortgage amount you posted), you should be looking at homes in the $300K range. Otherwise, rent. [/quote]

Why 6 months?  She’s a government employee, right?  I assume she has STD, sick leave and LTD as well. There’s also a TSP she could borrow from.  A six month emergency fund seems excessive.  Most homeowners wouldn’t be homeowners and would still be renters if they followed your rules. [/quote]

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