Reply
New Member
Shani325
Posts: 6
Registered: ‎02-25-2009
0

Can I Get Approved For a 200K Loan

My monthly gross income is $3200. Is it possible for me to get approved for a loan in the amount of 200K. I live in Atlanta, GA. I want to buy my first home later this summer and it seems like the only thing holding me back is my salary. The only debt I have is my student loan of 10K. I have a freelance business on the side and that can sometimes bring in an additional income of up to 1K but that depends on the project. Any advice would be helpful. thanks.

Established Contributor
ladyofnight
Posts: 602
Registered: ‎02-06-2009

Re: Can I Get Approved For a 200K Loan

I'm guessing probably not. Our income is $3700 a month with about $600 a month in debt, bringing us to roughly your income without debt. We were preapproved for $110,000. I think it would take a lot more income to get into the $200 range. If they include my child support received our income is $4000 and it only bumped us up to $130k preapproved.

 

I'm certainly not an expert, just going according to my own figures :smileyhappy:

New Member
Shani325
Posts: 6
Registered: ‎02-25-2009
0

Re: Can I Get Approved For a 200K Loan

The only type of home I can afford with 110K would be in the ghetto. I assumed since I only had 10K in student debt that I would qualify for at least 200K. I guess my dream of owning a home continues to get pushed back. The crazy thing is that I pay $975 in rent. I would much rather much pay that towards my own home.

Regular Contributor
gpeach
Posts: 180
Registered: ‎02-03-2009
0

Re: Can I Get Approved For a 200K Loan

Have you reported your freelance work on your taxes for last two years? If so then they will add that income and that will help you get more. But 200,000 does seem a bit of a stretch for your income. But worth a try.

 

Do you have your down payment and closing costs saved? If you have a down payment and find a forclosure or great deal you could end up with a 200,000 home for 150,000. Never know.

We priced out a 220,000 home and mortgage,taxes and insurance were 1520.00 at 5.5% interest. Closing costs are around 9000.00. We are military so VA loan is zero down. Figuring 200,000 would be a bit less the the above figures but not much. 

 

Established Contributor
ladyofnight
Posts: 602
Registered: ‎02-06-2009
0

Re: Can I Get Approved For a 200K Loan

Yeah i know, i feel you. It's not a good scene around here in that range either. We're holding off until i graduate in May. Our lender only requires 30 days employment coming right out of school so we'll be able to buy something nice then.

 

Why don't you go find an online mortgage calculator and double check just to be sure? :smileyhappy:

Member
crossingmyfingers
Posts: 20
Registered: ‎12-01-2008
0

Re: Can I Get Approved For a 200K Loan

My fiance got preapproved for $190,800 on a FHA with a gross monthly income of $3458.   The house that we are purchasing is closer to$200,000 so we had to come to the table with close to $9000.  The seller is paying all of the closing cost.  Her monthly liablity is only about $100 month so if your debt is close to hers I'm not sure why you couldn't also get approved.  We live in Oklahoma. 
Established Contributor
ladyofnight
Posts: 602
Registered: ‎02-06-2009

Re: Can I Get Approved For a 200K Loan

Well according to the calculators, you'd have to make roughly $55k - $60k a year with no debt to get approved for a $200k mortgage. And that will equate to a mortgage of probably $1500 a month, give or take depending on taxes, insurance, etc.

 

That's a huge jump in monthly payment from $965 rent. Ready for it? :smileyhappy:

Member
crossingmyfingers
Posts: 20
Registered: ‎12-01-2008
0

Re: Can I Get Approved For a 200K Loan

I'm no expert, but you really need to speak with a LO to get a better grasp on what you can get approved for.  According to most mortgage calculators there is no way she should be able to get this loan, but based off of her credit history and DTI she was able to get approved.
Regular Contributor
Romeoo47
Posts: 201
Registered: ‎11-26-2007

Re: Can I Get Approved For a 200K Loan

Just a word of caution, having purchased my first house recently for $210,000, I would definitely do the math myself.  I found in my situation that the mortgage broker was more concerned about getting me in the most expensive house.  Going into the transaction, I had calculated what I would be comfortable paying a month (including mortgage insurance, property taxes, etc.).  Some may disagree, but I'm firm believer in having adequate savings (i.e. cushion) to cover any repairs needed to for house.  Plus I didn't want to be house "poor."  I wanted to be still be able to travel and hang out with my friends.  Owning a home is wonderful experience but as all home owners can attest to something is almost always going to break or need to be fixed.  So when you are calculating what you can afford, I would recommend that you factor in repairs (i.e., deductibles) and any other leisure activites.  Good luck with your home search. 

New Contributor
techman2008
Posts: 71
Registered: ‎10-25-2008
0

Re: Can I Get Approved For a 200K Loan

I got approved for a 244k loan with monthly gross income of 3400 without counting overtime.     I made sure to pay off all my debt and have a high fico score.   Though i'm in Washington State and even with this down economy it's still hard to get a decent home with anything lower than 200k.  Good Luck!

Starting Score: TU 797 EQ 798 EX 774 10/26/2008
Current Score: TU 787 EQ 784 EX ??? 09/19/2010
Goal Score: 790


Take the FICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}