DTI & PITI vs Income Budgeting Question!
Hello everyone,
I am looking for your thoughts on my current and future potential mortgage/debt situation. We bought our first house as a foreclosure and fixed it up top to bottom. When this house sells we will make out with an enormous profit. My fiance and I are looking to flip another house but take it up notch and buy a more expensive house. This next house would put us over 1/4 of our take home pay for the mortgage. Right now we are VERY comfortable but the next house would definitely make us a less comfortable if that makes sense. Has anyone had experience paying more than 25% of their take home pay to mortgage / rent and how was it?
Current house:
| % of Take Home Pay to Mortgage | 22.30% |
| % of Take Home Pay to Debt | 8.93% |
Next house:
| % of Take Home Pay to Mortgage | 26.08% |
| % of Take Home Pay to Debt | 8.93% |
*Debt is student loans and car payments