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Income & Mortgage

Our house is paid for (YEA!!), but we've outgrown it (Bummer), so we're looking into getting a new house. We have a couple of different options & I'm just curious as to where others fall on this.

My questions is (and feel free to answer anon if ya want)... What is your household net income (bring-home pay) & what is your mortgage/rent payment? Oh also, how many are in your family?

Thanks in advance, girls!

Answer Question
 
Laura1229

Asked by Laura1229 at 1:09 PM on Dec. 27, 2008 in Money & Work

Level 4 (56 Credits)
Answers (8)
  • My hubby is an E4 in the navy. Our base pay BEFORE taxes is $3,317.97. Our mortgage is $883.97 for our house. We have a 3.7% 30 year loan. We have a 3 bedroom 2 bathroom 1,700 sq feet bungalow style home about 2 miles from Downtown Norfolk, VA. We have a one year old, I am due in May, then there my husband and I, and our dog, Cassanova. I feel like we have already outgrown out house and we just moved in a few months ago. Our next home will be AT LEAST 5 bedrooms. (which not that this is relavant to your question, but home (in southern indiana) you can get a 5 bedroom 3 bathroom home with 2,000+ sq ft on 5+ acres for around $100K Here, our house was like $145 and it's on a less than 1/4 acre lot and we are fixing it up)
    navy-wife

    Answer by navy-wife at 1:44 PM on Dec. 27, 2008

  • 3/ 1 /12 on small suburban lot 2 adults with 2 kids full time and 1 more part time. Income is about $3,000 per month but house pymt is now $1,700 including escrows. I need to re-fi but how do I since i'm behind and declared chpt 7. My interest started at 6.3 but is now 10.7 or more, house is big enough would like to upgrade some things,but,.......Julie
    mom2priceboys

    Answer by mom2priceboys at 1:49 PM on Dec. 27, 2008

  • ideally lenders are looking for a 29/41 ratio. It is getting tougher to get loans if your DTI (debt to income) ratios are much higher than that. Most lender are using the FHA guidelines...
    mamakirs

    Answer by mamakirs at 2:10 PM on Dec. 27, 2008

  • DH gets paid 3,200.00 AFTER taxes and our house payment is 850.00 i am a stay at home mom. We have 3 kids and plan on ttc in the spring/summer of 09 we do just fine
    lonelymommyof2

    Answer by lonelymommyof2 at 2:14 PM on Dec. 27, 2008

  • My husband brings home about $4000/mo after taxes and our mortgage is $850 (including taxes and ins). I stay at home, our home is 3bed/2bath. We have 2 kids and plenty of room. Our kids each have their own bedroom since we just have the 2, but I am not of the belief that every kid HAS to have their own room. If I had more, they would share (but I am not planning on more). We have two living rooms, but we use one as the playroom and computer room. Our home was new when we bought it since space isn't an issue for us, we don't have any plans for moving.
    slw123

    Answer by slw123 at 3:48 PM on Dec. 27, 2008

  • Monthly take home is 6300 mortgage payment is 1500 a month. A mortgage should be 28 percent or less of your income. I would figure that based on actual take home and not gross income.

    Anonymous

    Answer by Anonymous at 5:00 PM on Dec. 27, 2008

  • Monthly take home is 6300 mortgage payment is 1500 a month. A mortgage should be 28 percent or less of your income. I would figure that based on actual take home and not gross income.

    There are three of us in our family.
    Anonymous

    Answer by Anonymous at 5:02 PM on Dec. 27, 2008

  • Bring home is $7200 per month, house payment $2000. There are 6 of us in my family.
    Anonymous

    Answer by Anonymous at 7:42 PM on Dec. 27, 2008

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