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re: Buying Home Question
Posted on 10/24/13 at 10:33 am to RaginCajun87
Posted on 10/24/13 at 10:33 am to RaginCajun87
If you finance 150k @ 4.5% for 30 years, the note is $760 plus taxes and insurance (and possibly PMI). I would estimate them to be an additional $150-$200, and that's if you are not in a flood zone. So the note could be around $960/month for a 150k mortgage.
$960 note / $2400 per month = 40% PTI
Normal PTI ratios are up to 29% max. I do not believe that a lender would approve you for that. Also, the lenders might look at it poorly that you have only been out in the full time workforce for a short amount of time.
IMO you should wait until you get settled in and get a raise before you try to buy. Even then I think that PTI would be a little tight. A roommate to defer some of the costs might also be a good idea.
$960 note / $2400 per month = 40% PTI
Normal PTI ratios are up to 29% max. I do not believe that a lender would approve you for that. Also, the lenders might look at it poorly that you have only been out in the full time workforce for a short amount of time.
IMO you should wait until you get settled in and get a raise before you try to buy. Even then I think that PTI would be a little tight. A roommate to defer some of the costs might also be a good idea.
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