{ "media_type": "text", "post_content": "I make 60k a year. \nPay $280 for my car \n$30 for my Federal Loans \n$200 for sallie Mae. \nCredit score : 720 \n\nWhat would be my DTI and how much house will I probably be able to get? \n\nI have 10k from my 401k for down payment\n\nLooking in the Austin /Philly Market😍", "post_id": "610c9ca190888c002b55f471", "reply_count": 32, "vote_count": 2, "bowl_id": "5a5242b78e26290018502ca0", "bowl_name": "The Real Estate Bowl" }

I make 60k a year. Pay $280 for my car $30 for my Federal Loans $200 for sallie Mae. Credit score : 720 What would be my DTI and how much house will I probably be able to get? I have 10k from my 401k for down payment Looking in the Austin /Philly Market😍

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In Texas, if you’re under $85k, you qualify for down payment assistance up to 5% of the purchase price (I think it’s 5%). House has to be under $295k. It’s a forgivable 2nd mortgage forgivable after 3 years.

smart

Thank you!

Aye I’m in Philly market, feel free to reach out would love to connect. But to answer your question your DTI would be (280 + 30 + 200) / (60,000 / 12) = 10.2%. That is an excellent DTI. Are you living at home with your parents? Don’t forget to include rent if applicable Most lenders want to see under 40% so doing the math that’s a $1,490 mortgage

You’re right I forgot about PMI/MIP and prop taxes (and maybe homeowner’s insurance - I forget), thanks for pointing that out. And unless lending standards have tightened since I closed on my duplex 8/2020 I would disagree with OP having no shot with 45% DTI My lender told me only over 50% is an auto rejection for conventional lending (can still go FHA up to something like 55%). I closed on a conventional mortgage with a 43 or 44% DTI and only had to put 6.9% down instead of 5% due to my DTI and my rate is 2.875% fixed for 30 years. And that’s on a multi unit, could do even better on a SFH

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There’s a ton of mortgage calculators and other “how much house can I afford” resources online, but would talk to a lender in your area and get their opinion, if you’re serious about buying something soon.

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I live in Austin and I’m gonna be honest. There’s no way you can afford a house here. Cheapest houses in the city are listed for over 300k now and that’s for a tiny, not so nice place you wouldn’t want to live in, or it’s so far from the city you might as well stay living with your parents.

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There’s currently 63 houses listed below 300k for sale in Austin right now

It doesn’t seem like you’re in a financial position to buy a house yet. Save more, try to work on increasing your income, and pay down debt first.

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Thank you! That’s definitely the plan !

Is 10k part/all the down payment? Investment property or primary residence? Investment property usually requires 20-25%.

Can always house hack a small multi family property

Thanks! I’m serious just very nervous and anxious.

Yeah it’s not every month. It’s sometimes! But true!

Err maybe save more $$ first? 🥴

Definitely get a house instead of a condo, there are several benefits including no hoa (in most cases), easier to sell in the future, greater increase in value, etc. Got my first home with only 3.5%, sold it a couple of years later with some equity…now, I am about to close escrow on my third home. Good luck 🍀

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keep saving and keep working towards earning more. Also getting married to an income earner helps. This salary/down payment is not even close to being able fro afford a house, especially in austin. Consider buying a run down duplex you can fix up and rent out the other half, only need 3.5% down but with that much debt you’ll have a hard time qualifying.

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