My wife and I make a combined salary of $125K. How much house can we afford?

Without all the details, no one here can say.. Credit, Credit scores, Debt, property taxes, HOA's, etc, etc, etc.. so much info is needed to calculate your maximum purchasing power, that it cant be done with a one question post.. Do yourself a favor, pick up the phone and call a local mortgage broker.. they would be happy to look at your EXACT scenario and tell you what you qualify for.. no more guessing!! .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Hi Ethan,We specialize in CA properties. As William said above there are a lot of variables involved. Assuming no other debt and being very generic on taxes and insurance, I would estimate that the "most" you would qualify for is approximately $800,000. The best bet would be to give us a call and we could find out to the penny for you. You can reach me at 866.503.6664.~ Daniel Conley

Hello, we would definitely need more info. Have you or your wife ever been in the military? If so, you could get a VA loan (100% financing with no PMI). If not, there are more options like FHA (3.5% down) and Conventional (5% down) etc. Most importantly to find out how much you could afford we would need to know how much debt you are currently carrying and how your credit is, your income is solid. Give us a call to further discuss, we'd love to help. 800-446-9043

As pointed out...much more detail is needed beyond just income. Info such as debt, assets and credit all have effects on what your purchase price would be. Standard down payment requirements are 3.5% for FHA, 5% for conforming conventional, 0% for a VET.So a consultation with a mortgage professional is advised. I am here in So Cal near you.Feel free to reach out.877-369-4319.

A conservative estimate would be 4 times your combined gross salary, or $500,000 in loan amount. Loans of $417,000 or less have better rates, and you can put down as little as 3.5% of the purchase price.

Impossible to answer without the full loan scenario. Depending on what your credit is you can put as little as 3.5% down unless you qualify for a VA loan or USDA loan in that case 0 down. If you are looking to avoid monthly mortgage insurance then you will need to put 20% down.

SO much more info is needed to really give you an accurate idea: other debts, type of property, credit/credit scores, etc. The minimum downpayment for a FHA loan is 3.5% if you can find a home priced within those guidelines; conventional is possible with 5% down but jumbo will generally require at least 10% and more likely 20% as a downpayment. A good question for you to decide is what is the maximum payment you would be comfortable paying monthly...

Your down payment depends on what you have available and what program works best for you. Rule of thumb, most lenders want your DTI (Debt to Income Ratio) under 45%, with a maximum of 50%. So if you make $125k, that is $10,400 a month. If you take 45% of your monthly income, that equals $4,687. This would be the maximum amount of debt payments your income would allow. That means, your mortgage, tax, insurance, and mortgage insurance or HOA dues, plus all your credit card, car payments and other debts listed on your credit report. Contact a local loan agent who can pull your credit, obtain all the income documentation needed and give you a valid pre approval you can start shopping with. Good luck!