Amount Qualified For

[Anonymous]

I spoke with a lender last month over the phone and mentioned looking at houses in the 350k price range. I gave her my income from last year and what I'm expecting it to be this year (I'm self employed so would need the average) since we wouldn't close on the house until the beginning of next year along with the monthly debts I will have at that point. She told me I should be good at the 350-360k range but with all of the different 'how much will I qualify for' calculators online I'm not getting anything that shows that price range. Most show anywhere from 280k- 310k.

Is the 350k range correct? Income last year was 63k and this year should be around 85k so around 74k average. Monthly payments will be at most $420 and I will be putting 3.5% down w/FHA.

[Anonymous]

Online calculators usually show what you would be approved for based on a certain back end DTI limit. The limit of online calculators usually are 36% or so. Lenders usually cap at 45% but obviously there will be different limits for different lenders and different loan programs.

[Anonymous]

The online had me at the low end as well but once I talked with the LO he estimated that I should be approve for 200k I'm medically retired from the Military thats my only income 40k a year once I sent all the info needed to get the pre-approval he quoted me correctly when it went through UW it came back 200k my dti is very low I only have a car payment sso its possible 

[Anonymous]

My mortgage folks calculated my front end to a maximum of I think 30 or 31. And as long as my back end stayed under 41 I think. Even if I had no debt, they wouldn't allow be to use the entire back end ratio on housing. They limited housing to their front end guideline, which I think is good. It keeps one from buying "too much house".

[DallasLoanGuy]

i wouldnt trust an online calculator.

[Anonymous]

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@Anonymous wrote:

I spoke with a lender last month over the phone and mentioned looking at houses in the 350k price range. I gave her my income from last year and what I'm expecting it to be this year (I'm self employed so would need the average) since we wouldn't close on the house until the beginning of next year along with the monthly debts I will have at that point. She told me I should be good at the 350-360k range but with all of the different 'how much will I qualify for' calculators online I'm not getting anything that shows that price range. Most show anywhere from 280k- 310k.

Is the 350k range correct? Income last year was 63k and this year should be around 85k so around 74k average. Monthly payments will be at most $420 and I will be putting 3.5% down w/FHA.

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I don't know what mortgage calculator you are using but $420 a month seems insanely low for a $350k house with only 3.5% down. I'm looking at a 160-200k home and the online calculators are saying around $500-600 not including PMI or property tax (don't think you guys do property tax in texas but not sure).

[Anonymous]

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@Anonymous wrote:

I don't know what mortgage calculator you are using but $420 a month seems insanely low for a $350k house with only 3.5% down. I'm looking at a 160-200k home and the online calculators are saying around $500-600 not including PMI or property tax (don't think you guys do property tax in texas but not sure).

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$420/mth is my current min payments on debt not the house payment.

[Anonymous]

Oh, ok haha sorry I misunderstood.

[Anonymous]

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@Anonymous wrote:

Oh, ok haha sorry I misunderstood.

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But if you come across a monthly payment that low for 350k PLEASEEEE let me know haha!