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Can I afford a house?

I'm looking to purchase my first home in the Milwaukee area. I currently bring home $1600 a month after taxes and have a little less than $40k in student loans. I was told that I am pre-approved for $120k however I'm more comfortable with a home around $80k. I'm also looking into the Home buyer's Advantage Program Grant to help with closing costs and down payment. Currently, I have about $2k saved. Is this feasible?
  • January 13 2013 - Milwaukee
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Answers (8)

Contact a buyers agent in your area.  They will contact a loan officer for you and the loan officer can explain all the details to your purchase.  They can also advise you on the details of any programs you might be eligible for in your area.  With the help of a loan offier and a buyers agent you will be in good hands.  Good Luck
  • January 13 2013
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There's plenty of inventory in that price range. I also am a Buyers Agent in the metro Milwaukee area. I would be happy to discuss your options.
  • January 14 2013
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Profile picture for Ofe Polack
Have you contact a few mortgage brokers in your area already?  I suggest you do that first and then find yourself a good buyer agent to assist you with process.  The best of luck!
  • January 14 2013
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Most likely you I can find you a nice home on the northwest side of Milwaukee.  Based on the information you provided, it appears you are looking for something turn key, purchase and move in.  The market has slim pickings at this moment, but it can be done.   Prices on the south side have gone up in the past months are are lingering closer to 100K.  I can check to see what is available.  
  • January 14 2013
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Thank you all for the information!
  • January 14 2013
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It is imperative that you shop around for a mortgage broker that can explore all your financial options and come out with the amount that you can qualify for.  Mortgage brokers have access to many banks, private lenders and different programs.
Best of Luck,

Maria Cipollone
  • January 18 2013
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Profile picture for The Ginny Stopa Team
Try getting pre-approved with a credit union. They are not for profit, and can save you thousands on closing costs. Good Luck
  • January 22 2013
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Hello I can help you get pre-approved for a mortgage and also suggest some good realtors to help you find a home.

Regards,
Brynn
  • April 05 2013
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