if you only make 60 grand a year (assuming that`s all this income you have)
you should not take out a 400 thousand dollar loan even if the bank will give it to you.
400.000 @ 30 years w/ interest rate of about 4% is a monthly payment of 1,909.66 per month not to mention there is property tax and school tax with on a 400 thousand dollar home (assuming
not on the water)
will be around 12,000 a year going low this would be another grand a month in escrow.
This brings us to a total of around 3000 per month in just your house.
On a gross
income of 60000 a year this would mean that gross income is about 4615 per month after Uncle Sam and the state get there`s is about 3,0769 take home.
now lets subtract your mortgage and escrow this leaves about 769.
is left over per month to cover every thing elt`s.
insurance (auto and home)
you get the picture.
Some banks will tell you that this looks good on paper but it really is not,
I would not do it.
Hope this gives you something to think about.
happy house hunting.