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Congratulation on your baby!!!
Do not think about the difference in price for now as you might be surprised to find a home in the lower price range that will satisfy your taste and keep your checking account full. I would focus more on the neighborhoods and where you want to raise your family. Then, when you find the neighborhoods, look for the house in these areas. I would buy a house that would be big enough in case you will try to expend the family in the future. People always say that you can sell and buy a bigger, but that really happens. Life gets in the way. Make sure it is big enough so you can live there comfortable for years to come. You can always use a mortgage calculator by yourself on one of the mortgage web site to see the difference in $. I have few of them on my web site. Good luck with your search.
I work in Northern Chicagoland areas.
Your lender will most likely look at the average of past 2 years of income, especially for your husband since he is in sales. By 2015, your business will have been active for a little over a year. Depending on the lender, it may or may not be counted as most require a 2 year track record. It is very hard to say without seeing all the variables. Don't mean to sound repetitive, but as others have pointed out, you need to talk to a mortgage professional, as your case is not a simple one. You should to talk to someone now, so you can plan for 2015.
If you want to do the math on your own figure 40% Debt to income ratio. That means your total monthly household obligation can't exceed 40% of your average monthly income. Your husband's monthly income will be averaged over 2 years so if you look this year we will look at 2013 and 2012 income subtract out unreimbursed business expenses (form 2106-if filed) and divide by 24 months. The only way you can use 2014 income is to have a filed tax return for 2014 (you can't really get pre-approved on projected income). Your income will not be used without a 2 year history of self-employment income. You will likely have to qualify with the Condo payment and new home payment. If you want a deeper dive into the numbers you'll want to get a lender to review your debt (pull credit report) and review tax returns. You can contact me through my profile or here is a lender in Chicago Kelly Demers [Content removed by Zillow Moderator. Please see our Good Neighbor Policy]
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