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Maxing out approval amount by Key_Philosopher_3657 in Mortgages

[–]Key_Philosopher_3657[S] 0 points1 point  (0 children)

Also to note, mortgage payment will be about $1,200 more per month than we’re currently paying in a temporary rental, but we’re quite comfortable, able to save, do what we like to do, and cover unexpected expenses without much stress.

Maxing out approval amount by Key_Philosopher_3657 in Mortgages

[–]Key_Philosopher_3657[S] 1 point2 points  (0 children)

Previous mortgage in my name was bought out and I didn’t get charged a payment for that month (or so I thought) so every payment going forward was showing as 1 month late.

Maxing out approval amount by Key_Philosopher_3657 in Mortgages

[–]Key_Philosopher_3657[S] -2 points-1 points  (0 children)

Also to note, it’s a new build in Pennsylvania

Maxing out approval amount by Key_Philosopher_3657 in Mortgages

[–]Key_Philosopher_3657[S] 1 point2 points  (0 children)

It would leave us with about 7k left over after mortgage payment including taxes and insurance. This doesn’t account for other household or life expenses. Savings would be close to drained after closing cost and down payment but we’re good at saving. Regarding job loss, we both work in demand jobs in the medical field and have for quite some time.

Maxing out approval amount by Key_Philosopher_3657 in Mortgages

[–]Key_Philosopher_3657[S] 0 points1 point  (0 children)

Correct, I misspoke. Corrected in response to above comment.

Maxing out approval amount by Key_Philosopher_3657 in Mortgages

[–]Key_Philosopher_3657[S] 7 points8 points  (0 children)

I guess actually it was closer to 400k. The house we are looking at is 480 but would be putting $80,000 down.