As long as you earn enough where your mortgage is NO MORE than 1/3 of your TAKE HOME pay, then you should be able to pull it off! And regardless of how much your mortgage payments are, you SHOULDN'T buy unless you can also provide a down payment that is 20% (or more) of the sale price! NEVER take out an Adjustable Rate Mortgage (ARM loan), or you will quickly find yourself over your head when interest rates go up and your home value goes down! Fixed Rate only loans are the best.
Don;t forget you will be responsible for ALL of the upkeep and maintenance, utilities, electric, water, plus cable/satellite, phone/cell phone etc. Buying a home is typically the BIGGEST purchase you'll ever make in your lifetime! Tread carefully and wisely!
at 6:03 PM on Oct. 11, 2010