how much would i get a house for if i only had 1150 a month for mortgage?

Most likely your best bet would be an FHA loan, you'll need to save up 3.5% to put down on the house, plus you'll need to cover closing costs (around $5000) unless you have it rolled into the mortgage or paid by the seller (very common). $1150 a month is a decent amount for a home in a lot of areas though we don't know where you live.

Where I live, there are some great townhouses on the market for around $130K that would be a great fit for you if you can save up for the down payment. Make sure you stick with a 30 year mortgage. Rates are around 5% right now which is EXCELLENT!

You will not be approved for a home costing more than 35% of your monthly income. I.E. if your monthly income is $4000, 4000 * 0.35 = $1400/mo, now thats how much for tax, interest, escrow, insurance, principal - everything!

Your best bet is saving as much as you can for now, you can't even apply for a mortgage until you're 18. See if anyone can help you start establishing your credit - talk to your parents and your banker.

I just bought a house last year, it was $160,000. I put a down payment of $25,000, my principal (amount I owe) is $145,000. My monthly payment including principal, interest, taxes, and insurance is $1110/month, at a 6.5% interest rate.

The better your credit score is, the lower your interest.

The more money you can use as a down payment, the more likely you'll be approved by a mortgage company.

Good luck!

Not much at all. Actually your calculation is incorrect for how much you have for a mortgage. The most a bank will consider is 31% of your pay, NOT the entire amount. Therefore if you make $1150 per month, you can only apply $356 per month for the monthly mortgage payment. Sorry to tell you, but there is NO WAY you will get a mortgage when you hardly make enough money to afford a car, let alone a house!

It depends on how much you have to put down, and I understand there is still money from FHA loans where you can put down as little as 3%.

Start by calling a lender, preferably one that has been referred to you by someone who has used them in the past. There is no obligation for answering your questions.

The best thing to do is start a plan and work toward it. Sounds like you are doing that. There are a lot of under valued properties out there right now and extremely motivated sellers. Timing has never been better. please use this mortgage calculator...

http://www.porttownsendrealestatesearch.net/

and feel free to contact me for any other real estate needs you may have

That's an interesting question!

if you have 1150 a month set aside for mortgage and include escrow in that you can get a house worth about 135,000.

you can only get 28% OF YOUR GROSS INCOME, so thats a payment of about 330 dollars, so maybe a 40-50k home, i know that may not help, but its the truth

thankyou everyone for the answers