Me and my wife have a combined income of roughly 100k annually and are interested in buying a house. We have both been at our current employment for over 2 years. I looking for a cut and dry answer, no percents of income. Her credit score is above 700 and mine is around 610 (old debts paid and in the rebuilding stage now) We have 8000 to put down so will be looking into a FHA loan. We have roughly $ 800 in bills each month. We want a fixed rate for 30 years. So how much home can we affard and what will the monthly payments be including insurance, taxes, mortgage insurance an anything else that my be figured into the monthy payments?
the average tax amount in the area we are looking is $ 4000 and we have saved a total of $ 18000 but only want to put $ 8000 down. So we will have reserve money and money to to help furnish the house since this will be our first home.