net income

[na2]

I'm looking into both options either FHA or NACA to purchase a home.

 

I know FHA will look at gross income but I think NACA will look at Net income to see what amount I would qualify for.

 

How do I calculate from Net income to see what amount I would qualify for? I have found multiple websites that will calculate from Gross income but not net income. Is there website I can go to were I can input data and it will calculate it for me?

[na2]

Would i qualify for 265,000 house with an gross income of between 77000 - 80000?

 

Would i qualify if they look at net income?

 

Also the taxes on the is 8599 which is high but i think its doable.

 

All debts would total up to 800.00....

[dannielchackas]

Sure u would it all depends in reality how much debt you have and current obligations. Looks like its very little debt you have,

[na2]

thanks dannielchackas.

[Operation_Home_Ownership]

Just plug into those calculators what you take home net, it should work the same...

 

NACA has a calculator right on their site somewhere and you plug in the purchase price of a home and some other variables, then it tells you roughly how much it costs to carry that property per month.

 

If that matches your realistic net, then you know where you stand. $70-80K per year seems very doable for a $300K property depending on personal debt, prop taxes & intr rate on the deal.

Edited November 21, 2009 by Operation_Home_Ownership

[na2]

thanks Operation_Home_Ownership. i figured it should be doable.