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How do I figure out if we make enough money to purchase a home - and if we do - how much we can afford to buy?

Is there an online calculator or a document here that talks about this?

A Sandy Beach is always a great place to be!

Hm,My first thought is , if you have to ask that question, you probably don't. But, then again, it all depends on the bucks- how much you make, how much the house costs, and how much you have for a down-payment? And, how long you plan to stay.
And, yes, they do have information on here: Try it, and come back if you have questions.
I used to be in real estate, before the market went south!http://www.smartaboutmoney.org/Life...fault.aspx

SandyBeaches,
Did you decide to buy, or rent? I keep thinking the rates are low, the prices are low, and I wish Ihad the downpayment!
I am just not ready yet, five years, I will be! I liked the info I got here:Life Events
Maybe you can use it?
http://www.smartaboutmoney.org/Life...fault.aspx

Posted By Sandy Norland on 23 Nov 2010 4:49 PM
How do I figure out if we make enough money to purchase a home - and if we do - how much we can afford to buy?

Is there an online calculator or a document here that talks about this?

A Sandy Beach is always a great place to be!

There is good informatinon here about buying a home, and determining how much you can afford:

http://www.smartaboutmoney.org/Life...fault.aspx

If you are planning to buy a home, or a car, you need to know what your credit rating is, AND fix mistakes on your report if there are any.
This is on here to help you get started:
http://www.smartaboutmoney.org/Life...efault.asp
I found errors that went back 8 years on mine!

Yes, you need to know your credit rating, because if it is not high enough , you will not get the loan. But, you also need to know your debt to income ratio. You should have a total debt-to-income ratio of no more than 36 percent. And you should have a housing payment-to-income ratio of 28% to 33 percent . And, of course, you need to look at your other savings, too, such as retirement and college needs for children. If you have too much debt, you need to bring that down before you go into debt for a mortgage. Yes, it takes some careful planning, especially today, with the added uncertainty of home values and home appreciation. I wish you luck. Let me know if you have questions.

There's a calculator on this site - http://michaelbluejay.com/house/how...hhome.html
YOu put in what you make, what the house costs, etc. And it tells you how much house you can reasonably afford.

OSCAR

Thanks everyone!
These sites have helped.
I'm getting my affairs in order.
Getting ready to buy a home!

A Sandy Beach is always a great place to be!