Zillow Advice: Buying Process - Can we afford a house? http://www.zillow.com/advice-thread/Can-we-afford-a-house/468941/ Zillow Advice | Zillow Real Estate A general rule of thumb is ... http://www.zillow.com/advice-thread/Can-we-afford-a-house/468941/ A general rule of thumb is the keep your mortgage payment no higher then 25%-30% of your monthly income to expanse ratio.<br/><br/>If you are making $5,400 a month then 25% of that would be about $1,350. This will buy you a home worth a little over $200,000. This can afford you a very nice house here in Utah.<br/><br/>I would recommend that you go with a home in the $160,000 range as your starter and have your payments close to $900 a month. This would allow you to take the extra $450 each month and start paying off your other loans. Then once you have the student loans paid off, sell the $160,000 home and buy your dream home. This is a much smarter decision.<br/><br/>There are several nice condos and town homes and even single family houses in the $120,000 range right downtown and in other areas around the valley. I would highly suggest you look into an option like that for your first home. Wed, 08 May 2013 20:59:00 GMT http://www.zillow.com/advice-thread/Can-we-afford-a-house/468941/ 2013-05-08T20:59:00Z Each loans have different ... http://www.zillow.com/advice-thread/Can-we-afford-a-house/468941/ Each loans have different credit score requirements and debit ratios.&nbsp; Your best is to contact a lender in the area you wish to purchase.&nbsp;&nbsp; Some of the Zero Down loan programs have other restrictions and requirements as well.&nbsp;&nbsp; Rural Housing and Utah Housing are 2 great programs that our buyers in Tooele County use all the time.&nbsp; If you need help in finding a lender in your area, any of us can help you!<br/><br/>Good luck and Happy House Hunting!&nbsp; How exciting for you! Mon, 22 Apr 2013 02:22:00 GMT http://www.zillow.com/advice-thread/Can-we-afford-a-house/468941/ 2013-04-22T02:22:00Z Hi User 826355,Yes, it sounds ... http://www.zillow.com/advice-thread/Can-we-afford-a-house/468941/ Hi User 826355,<br/>Yes, it sounds you may be real close to getting that loan! Now is definitely the time to get into the market and buy a house. You may not be quite there, it sounds like you are very close. Home prices are still at the bottom, but they are starting creep up. Interest rates are ridiculously low as well. The affordability of homes will never be at this level again. Take that first step and get out there. Call a local Realtor, get some suggestions for lenders, call the lenders and get started.<br/>Jim Mon, 19 Nov 2012 13:38:00 GMT http://www.zillow.com/advice-thread/Can-we-afford-a-house/468941/ 2012-11-19T13:38:00Z The first thing you need ... http://www.zillow.com/advice-thread/Can-we-afford-a-house/468941/ The first thing you need to do is speak with a qualified lender. They can go over the financing process with you, what programs you may or may not qualify for,&nbsp;what steps you need to take in order to get financed, and what matters may or may not need to be corrected, because they are the ones who will be financing you. No need to ask around, simply go to the source. That way you will know exactly where you stand. Either way, good information to have. Mon, 19 Nov 2012 11:22:00 GMT http://www.zillow.com/advice-thread/Can-we-afford-a-house/468941/ 2012-11-19T11:22:00Z