What price range should I be looking in for a house, condo/townhouse?

I can only afford about $1,250 a month and was JUST curious if I have a chance at finding a place (besides an apartment since I already have several in mind). Would I have to look below the $200,000 price range? And would a VA loan help much?
Additional Details
Per say um $300,000 loan at 6% interest over a 30yr period?.... Per say

My mortgage is $170,000... and I pay $1355.00 a month at 6.7% and don't forget heat, water and electric :)

I would aim for $150,000 and make sure you factor in any condo fees- some of them want another $600 a month! My friend had to move because her condo fees became more then her mortgage!

What would matter is your interest rate, loan amount and condo fees. Doesn't matter what type of loan you get, it's how much you need to finance.

Does that 1250/mo take into consideration real estate taxes, homeowners insurance and PMI (mortgage insurance)? My house/mortgage is 150k and including taxes, interest, homeowners insurance and mortgage, my monthly payment is 1220/mo - and my taxes are less than 2000/yr . a 200k house is going to have higher taxes than that probably , higher homeowners insurance and if you put less than 20% down, you will have the added cost of PMI insurance (maybe another 100 per month or more ) (I was lucky and didn't have to pay that on my house with zero down) - I don't see how you could afford even a 200k house - are you sure you officially qualify for a 1250/ mo mortgage - or is that what you are saying you can "afford "(which is irrelevant when it comes time to actually qualifying for and getting a mortgage)

Here you go, all depends on not what you say you can afford, but your income and debts, this calculator will help you determine that based on your individual situation
http://cgi.money.cnn.com/tools/houseafford/houseafford.html

You'd need to look at places under $150,000, that would be a mortgage payment of about $1,000 a month allowing $250 for taxes and insurance, if your in an expensive HOA, say for a condo, you'd have to look for even lower places. $300,000 would be an $1800 monthly payment not counting taxes or insurance.
A VA loan would keep you from having to pay PMI and you could get the loan with no downpayment but you will have to pay upfront or include in your loan the funding fee.

$1250 a month has to include principle, interest, taxes, insurance, and any condo or homeowner's association fees. And, on top of that, you really can't go much higher than 55% debt to income ratio (depending on the program). With excellent credit and 20% down, you could get 6% on a 30 year term. You can't afford a $300,000 house. Principle and interest only at 6% is a payment of $1798 a month. Sounds like $100,000 to $125,000 is more in your range, but you left out details such as: monthly gross (before taxes) income, credit score, monthly credit card debt and other debt such as cars, etc.

More like $150,000. But first listen, to get the facts based on your financial picture, you need to talk with lenders. Select 3 lenders in your area, and walk in and talk to them about the programs they offer and have them prequalify you on paper. This is the only way you will know for sure what price range to search in.

VA is offering some special incentives to our Veterans, especially if you were wounded while on duty.

Also there are first time buyers monies to consider that can pay your closing costs and prepaids. Some work with FHA, so seek lenders that provide FHA loans too.

Think long and hard about buying a house with someone you are dating. It is not going to be easy for one of you to get out of the mortgage if you break up.

As an FYIâ€¦ per the Federal Trade Commission (FTC) http://www.ftc.gov/freereports , there is only one source for you to get a free credit report from all three credit repositories, â€œannualcreditreport.comâ€. https://www.annualcreditreport.com/cra/index.jsp

Do not give anyone else your personal info without seeing them in person.

Make sure to price out your loan with your LOCAL banks and mortgage brokers only.
A lot people giving advice on here are also looking to give you a loan (itâ€™s not advice, its advertising), if they are not local to you and you canâ€™t get to them within 1 hour donâ€™t fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL; DON'T GET RIPPED-OFF BY SOMEONE IN WHO KNOWS WHERE WHICH YOU WOULD HAVE NO DIRECT ACCESS TO.

Remember Buddha's advice:
"Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense." You are the only "expert" you can trust: All brokers, and every other loan officer guru giving advice here with a .com or contact me at the end is "selling" you something (itâ€™s not advice, its advertising). Don't buy "it."

When shopping for a mortgage, here are a few things to do to maximize your savings and time:
1. When asking for a Good Faith Estimate(GFE), tell each mortgage originator (lender) what interest rate to use so you can compare apples to apples (rate affects closing costs). This is probably a different thought process for you because you always shop interest rates on a mortgage right? Remember all mortgage originators have identical wholesale interest rates. If you shop the same interest rate among mortgage originators, it levels the playing field and discloses what they want to charge you for their time to originate and close your mortgage. It is similar to shopping for a car. Why does the exact same new car vary in cost from one dealership to the next? Some dealers want to make more profit than others.
2. Secure Good Faith Estimates from various mortgage originators within a 4 hour time frame (rate and pricing can change daily and even multiple times in one day).
3. Do not compare the prepaids, reserves, escrow, title charges, and government recording sections of the estimates; third part fees are not controlled by the mortgage originator.
4. Ask each mortgage originator to base the interest rate on a 30 day lock unless you need longer.
5. If the loan allows you to waive escrow (paying taxes & insurance yourself), let the mortgage originators know because this will affect closing costs.
6. If refinancing, let the mortgage originators know if you are pulling cash out. A cash-out refinance usually increases closing costs.
Your Biggest Challenge
The mortgage industry today has never been more unethical. The industry has produced several record-breaking years in a row regarding total origination and as a result, greed is driving the industry. Your biggest challenge is receiving a Good Faith Estimate that is provided to you in "Good Faith"! We spend more time showing consumers how mortgage originators are lying to them in regards to an estimate given! Thatâ€™s right, lying! â€œBait and switchâ€ has become a prominent sales tool in the mortgage industry. Bait you in with a bogus estimate then switch things after you are hooked. This is so discouraging; banks and so called direct lenders have become some of the worst at this practice. Education is your biggest weapon against this practice. Take the time to fully understand closing costs and rates before proceeding.
You should know exactly how much the mortgage originator is getting paid by all sources (no matter where it comes from, it's ultimately coming out of your pocket). Protect yourself by asking for and receiving prior to application and origination a written guarantee stating the TOTAL amount of compensation (YSP, rebates, commissions, kickbacks) that will be received and kept by the mortgage originator. This will help assure that your best interest is kept in mind.
Originating a mortgage is a service, not a product; compensation should not be based on the loan amount or interest rate.
All ethical, honest, upfront, transparent mortgage originators will be more than willing to provide you with a written total compensation guarantee in addition to the (GFE) Good Faith Estimate (focus on the word â€œEstimateâ€ because that is exactly what it is, an estimate of charges) prior to originating your loan.

The mortgage company will generally loan based on payments representing up to 33% of your gross pay. Another good way is simply stay around 1.5 times your yearly paycheck. So if you make $50K a year, you can afford a $75K house.

But if you say you can afford $1250, then you can buy a house around $120,000. Don't overbuy. Regardless of what the agent tells you.

If you're not a veteran, you can't get a VA loan. You might be able to get an FHA loan.

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