A total noob to buying a first home! MEGA Questions:

[ImpulsE69]

Again, that works fine in some parts of the country. In a major metropolitan area it doesn't happen.

Here in SoCal average rent for a 2BR apartment is about $2500. If you want to pay less you'll be guarding the door with a .357 all night long.

One more reason that area is overrated 🙂 But I guess as long as they are buying houses there and not here, it keeps my costs down.

 

[dullard]

As I stated above, that is horrible advice. I'm not sure how many people actually follow it, but it is just setting yourself up for failure. That's banker advice to get more money out of you.

You clearly didn't read the "up to" part. Bankers often loan up to 4x (not as much any more, but they still do). 4x is assinine. Up to 3x isn't too bad. Individual factors still do play a role. 3x with no other debt is nothing like 3x with a massive student loan, two expensive car loans, and credit card debt.

 

[NutBucket]

Chase will lend up to 40 or 44% debt to income ratio.

 

[s0me0nesmind1]

Chase will lend up to 40 or 44% debt to income ratio.

If you go over 1/3 (33%, but I would cap it at 30% personally) you're a moron.

Hell, I prefer a much more cushion-y ratio of 20%.

Build some equity before trying to move in to the house of your dreams immediately. You have time in life instead of being drenched in ridiculous debt your entire life, overpaying out the ass for taxes and interest year to year.

 

[NutBucket]

I agree with you there. I'm looking at about 33% neither my wife or I want to go higher. As others have said, you need income to enjoy life too 🙂