80k combined income--what we looking at pre-approval wise

[ryanpgh]

First post here--find this site pretty interesting....just seeing if anybody will have a general answer. Both making about 40k a year, she's a teacher, credit score 748, I'm in the 650's, probably will have around 35-40k to put down. No car loans, both paid off--taxes around 4800 a year, insurance around 850 a year...she has a $300 a month student loan payment, low cc debt, and I have only 1 card, that's paid off monthly. Other housing expenses about 5-600 a month. My guesses around 225-240? am I way off?

 

thanks,

[Brian B The Loan Professor]

Welcome to the forum -you sound like you have plenty of income Hard to say a total but with the combined income and down payment you shouldnt have any issues getting a loan for that amount

You should decide on a payment you are comfortable with and see if that works in your area - at least thats a place to start - if the homes are more than you want to pay you have to decide iuf it is worth the extra every month - eventually it gets easier as the payment will stay the same and the income etc will go up over time