How much do you think my husband and i can get a loan for a house?

Your monthly housing costs should be ONLY 1/4 to 1/3 of your monthly income. Save up for a down payment so you can avoid the horrendous expense of PMI.

Don’t buy more house than you can easily afford. Work on making your credit really good by paying every bill on time, paying off largest credit card, playing down all credit cards, reduce number of credit cards with balance, reduce # of credit cards. SAVE for down payment. Save for retirement.

Go to this site….from CNN.com/money.

http://cgi.money.cnn.com/tools/houseafford/houseafford.html

It will guide you through..it will give you conservative and aggressive numbers..

First, you should save up about 4-6 months of living expenses. Your house payment should not be more than 25% of your takehome pay, so no more than $ 2500 for your home.

Make sure you put 20% down to have the best mortgage rate and avoid paying the 3% PMI – private mortgage insurance. Get a fixed rate 15-year loan. This level of debt will keep you from getting in over your head, especially with the upkeep, utilities, and emergency repairs that come with owning a home.

Get all your other credit card debts and car loans paid off before you do anything. Debt is the one thing that drags people down financially and keeps them from building wealth.

Enjoy the house hunting!!

in addition to chatsplas response a good rule of thumb for the total mortgage is 3x annual earnings.

It’s not just your income, it’s also your monthly debt and your credit rating.

I would imagine the most you could get is maybe 650k but just because you can doesnt mean you should. I would figure out what the most you can afford is if you only had one income (use the lesser income) and buy a house like that. Then if you want, you can use some of your income to pay it down faster and when you finally pay the house off, if you want, sell it and use that as a down payment on a more expensive house. I mean, do you both think you are going to be in the same job for the next 30 years? You cant predict the future but you can plan financially for it so you dont get in trouble like some of these other people now.

You should be able to get a loan for 3.5 times your gross annual income. That means a loan of around $ 500,000.

How much of the home are you financing, and what your credit scores?

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http://www.mortgagefishing.com/quote.php?sourceid=default

Go there and check out the mortgage calculator and figure it out for yourself!

rule of thumb is a max of 1/3 of your monthly income, so a payment around 3750, including insurance and taxes.

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