Debt to Income Ratio

[wmb]

I am wondering if I will ever be able to afford a home. I have used the calculators online to figure out "how much you can afford", etc. We have very little debt in terms of long term- car payment- which will be paid off in about 2 years and student loans(which I feel will never be paid off). all together the total is about $1000. When I do the calculators, it sometimes states, not enough income or we would qualify for a $30,000 mortgage. Can someone give me a more realistic view. I know family members who have had $150,000 houses built -- which is my goal, nothing "fancy" we just want to be homeowners. With about $50,000 gross annual income.

Or will I have to bring in $100,000 a year to qualify?
Please any advice is acceptable. Thanks

[firstsource]

The problem is that the traditional mortgage calculators are programed for conventional and government loans.

With conforming loans, your debt to income ratio (DTI) needs to be between 36-42%, with non-conforming type loans (Alt-A and sub-prime) your DTI can be as high as 50%

That is the way that you can get into a 150K home, you will pay a little higher interest rate, and the terms will not be as good, but you will be in a decent home, if that is your desire.

Charles