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Can a couple bringing in $60,000 a year afford a $130,000 house?

Posted by Real Estate Investor on Jun 24 | Real Estate Investing Chatter

My husband and I combined bring in around $60,000 a year, before taxes. We are thinking about getting a 30 yr. mortgage to buy a house that costs $130,000.
We will have around $9,000 for a down payment, but we will NOT be eligible for the $8,000 first-time home buyer tax credit (the house is my grandparents’, and they’ve given us a very significant discount).
Even though some websites say we can afford it, we aren’t sure we believe it – but then, this is the most expensive thing we’ve ever thought of buying so we might just be scared. It’s hard to know for sure since this is our first time buying a house.
We have student loan payments totaling just shy of $600 a month, and we have no car payments. Taxes on the house should be around $3000 a year.
Is this too expensive for us?, more 

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