This is the Ramsey Call of the Day, part of the Ramsey Network.

Michael joins us in Phoenix.

Michael, welcome to the show.

Hi.

My name is Michael.

I'm looking to buy my first home, but I'm having some trouble with the 15-year

versus the 30-year fixed. I know you guys say to put 15-year fixed. I feel comfortable with

putting it down payment, but just want some guidance on how to be able to afford my first home.

Sure. So give us some numbers here. What's your income? So total

monthly income after tax is around $9,000 a month. Awesome. On average. Great. Currently have

separate from my emergency savings, have 80,000 cash set aside for a purchase. But when I use the Ramsey calculator,

it really only tells me that I can put buy a home for around 317,

which in my area affords you a dumpster on the side of the road.

So I just want some ideas on what I can do,

whether I should just wait or whether I should just buy a different

type of property.

Are you single?

I'm single, yeah.

And you're looking at single family homes, condos, townhomes? What are we talking?

I want a single family home. Nothing too crazy, but trying to stay away from the condo or townhome.

And why is that?

Well, I understand that they're harder to resell in a scenario where the market is down.

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