Moving to Asheville in the next year and a half. I've got 800 credit score, 5 grand school loan debt, 10k in savings, 2 paid off well running vehicles. I haven't done any real research yet and I've never had a mortgage. Looks like I can get a decent place for around 150-180 in the area I'm looking. What say you! 
I make 60-65k a year if that wasn't clear
I think rule of thumb is no more than a third of your monthly income for mortgage.
So, if you are at 60k that's 5k a month. After taxes, 3500? A third of 3500 is approx 1200.
Shit, in California that would be a
120k house.
800 sq foot. Next to a honey oil/weed grower house.
Mish to don't become house poor. I don't know what kind of taxes they have there so it is hard to say how much house you can afford. I will write a little longer post but what amount of money do you think you can comfortably afford for your housing expenses each month say before electricity, water /sewer and internet/cable? 
25% monthly take home pay
EnderinAK - Mish to don't become house poor. I don't know what kind of taxes they have there so it is hard to say how much house you can afford. I will write a little longer post but what amount of money do you think you can comfortably afford for your housing expenses each month say before electricity, water /sewer and internet/cable?I'd say around 1100-1200 is about as high as I'd like to go.
1100-1200 meaning mortgage/taxes/insurance altogether
Yamie Jagerbomb - I think rule of thumb is no more than a third of your monthly income for mortgage.Yeah but take home that's like 8-900... I can't get shit for that
So, if you are at 60k that's 5k a month. After taxes, 3500? A third of 3500 is approx 1200.
So here is a property I just decided to pick in Asheville for an example.
http://www.realtor.com/realestateandhomes-detail/276-New-Leicester-Hwy_Asheville_NC_28806_M63650-22010
3 Bedroom, 2 bathroom, 1,100 s.f., 6,970 sf lot. Listed for $158,000 which is in the range you mentioned earlier. Also has a basement.
Taxes on the house are $1,873 a year.
I would assume FHA loan because of you having $10k down.
Today FHA rate is 3.625. So....
$158,000 property. 3.5% down equals $152,470 mortgage, then there is 1.75% FHA fee which makes mortgage $155,138. (I am assuming you and seller share some of the other closing costs).
FHA mortgage insurance is 0.85% of original mortgage balance so it is $1,319 a year.
FHA mortgage of $708 a month (155,138 at 3.625% interest).
So $708 (mortgage), $156 (taxes), $110 (FHA mortgage insurance), estimate maybe $70/month for property insurance) and your loan payment each month would be approximately $1,044. From there is depends on how good you are with water/sewer and electric usage. Not 100% sure about heating/cooling.
If you are getting $4,000/month take home that sounds reasonable to me. Just be certain what you are comfortable paying off. The mortgage insurance will go away once you have 20% equity in home(not automatically but you can go through a process to have it removed as long as it has been a year since you bought the home). Quite possible you might find a better loan option as well.
So mishto, I just see you want to be in the 1,100 to 1,200 for the upper end. So you can probably afford up to a 170k house based on that. Just be aware of other costs of home ownership. Perhaps that will lower the amount for mortgage you are willing to pay. Also if you go through a Realtor stick to your guns on what you can buy. They can be good at making you think you can afford more than you can. I try and be an emotionless investor in my decisions and if you can do the same you will do well.
160 - 180
mortgage insurance is for life of loan now. changed last year or so. only way to remove it is gain equity then refi.
well damn't I guess your right Ron.
I live in asheville, kinda sucks, also jobs here pay less than anywhere else. And hard to find jobs as well
This is actually good info because me and my wife are looking for a house....we make about 80k a year together here in Texas and may be looking for a foreclosed for asking 150k
TOAO - I live in asheville, kinda sucks, also jobs here pay less than anywhere else. And hard to find jobs as wellI'm a Master tech at lexus so I would transfer to the Toyota dealer or the Lexus independent there. I make around 75k here in atlanta so I'm assuming I'll make. But less which is why I dropped it to 60-65k
thebehemoth73 - This is actually good info because me and my wife are looking for a house....we make about 80k a year together here in Texas and may be looking for a foreclosed for asking 150k
I know in a lot of places taxes are very high as a percentage of the houses value. I had a friend who lived in Dallas and bought a 100k house and the taxes were $500 a month.
TOAO - I live in asheville, kinda sucks, also jobs here pay less than anywhere else. And hard to find jobs as wellHa also I love Asheville... Love the mountains, always wanted to live there. Looking to live in waynesville
Oh ok. That's cool, you'll be fine