Hey everyone! We are looking to purchase a home in the next 12-24 months. We are located in Florida and I am a veteran with a full VA loan we will be using.
At the time of purchase, here’s what we’ll be looking at:
– 1 baby, hopefully second on the way sometime after buying
– 1 car payment, financing an estimated $650-$850
– Bills: $1,250 monthly on high end (not including utilities or other home expenses, looking at what kind of house we can afford)
– no other debt
~$170k gross income (~$145k net)
~$65k savings (using some of this as down payment)
Not sure what else I’m missing but think we’re potentially looking at a home in the range of $450k-$525k? Is that reasonable?
Posted by LampostPath
1 Comment
Seems very do-able. At today’s rates, and with VA options, you can do very low (0-5%) down-payment options and have still have ~$3,000 / month monthly payments, which is still only 25% of your net. A good place to be. I wouldn’t use much of your savings for a down-payment, you’ll need it for repairs, emergencies, upgrades, etc…