Hi all,
First time home buyers here in MCOL area.
We make about 150k gross before any overtime or commission, which can put it into the 170s or higher.
Current situation is both work full time, with one kid and planning for another soon. Wife drives a paid off car with low mileage expecting atleast 5 years out of it before major things need to be serviced and she drives very minimal. 3k miles a year. I have a company truck & gas card.
Preapproved at 6%. Zero debt & 780 credit score.
We have about 40-50k for downpayment+ extra in savings for emergency fund and closing costs.
Monthly break down is this
8400 base take home
Currently renting which all said is 1500 a month
1200 on food/household
100 on insurance/gas
150 phone bill
200 a month for sons college
800 a month currently budgeted for personal/fun
Child care is completely free
Unfortunately homes in our area are in the 450s and we are kinda tied to this area as my wife’s mom watches the kid and we need to live reasonably close for that reason.
Any help or guidance would be awesome. I know the 25% rule of thumb after net income is idea but I don’t see houses in our area that fit in at that mortgage range.
Thanks you all!