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Don't sugar coat it.. how much house can we afford? newlyweds 1st home.?

Posted by Real Estate Investor on Aug 09 | Real Estate Investing Chatter

Everyone I’ve tried talking too has sugar coated the truth, and its starting to feel like this is the only place I have a chance of getting some straight answers. Our loan officer even tip-toed around the truth!
Its a simple question.. how much house can we afford?
We just got married and are gearing up to purchase our first home. We live in Lincoln, Ne. Our mortgage rate is going to be around 5.6% (we haven’t actually gotten that far, so thats only an estimate.). We make a combined annual income of around $27,000 and will be putting down a 5-8K down payment.. Our taxes will only be around $2,000 on the house and the insurance will be between $400-$500. (We’ll be getting the cheapest insurance that covers just the important stuff).
Our loan officer said he can get us a $100,000 loan.. but that seems like WAY too much for our income. If you should only purchase a home that is 3X your annual income.. than we should only get a $75,000 home..
We have no other finacial obligations or loans.. we will only be making payments on the mortgage and bills.
A 100,000 (with a 5K down-payment) is around $760/month. We make around $1200 bi-weekly. That just seems like we’re cutting it a little close going with that loan… what do you think?
Also.. should we wait until next year and risk losing out on the $8,000 tax credit? There was talk about a $15,000 tax credit next year.. would we still be eligable?, more 

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and Paying rent and benefits?  If I’m on incapacity benefits, will I have to pay rent in:
A) A council house
B) A private landlord
I don’t know how it works, if that even is the case.
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Tags: bank owned, investing advice, houses, homes