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HELP! Do I qualify and how much max will they loan me?

Established Member

HELP! Do I qualify and how much max will they loan me?

1. Mortgage Credit Scores:  
         710, 720, 720 ( mortgage scores pulled from here) 
2. Credit Negatives: If you have any, what negatives are on your credit reports. For each negative, please provide: 
         Collection from Enhanced Recovery Corperation ($54) PAID (Old Comcast Cable bill)

3. Gross IncomeGross income (before witholdings, medical/dental, 401k contributions), per your IRS tax returns, is what is important when qualifying, not net income. 
    • 2015 ($58,440) 
    • 2016 ($62,974) 
4. Source of income.  Where is the income coming from? List each source.
    • Employment, 
5. Monthly debt payments
    • $160 Navient Student loan Payment
6. Employment (for those who are employed). 
    • Type of employment: W2 (Hourly)  
    • How long 10 years
    • How long 10 years
7. Assets/ReservesThis is to determine how much you could potentially have as a down payment and also as reserves to help qualify (for example if your debt to income ratio is high this could help qualify you anyway).
    • Checking ($8,000)
    • 401k ($60,000)
8. Location:  This is to determine govt guaranteed loan limits, what special programs might be available for you, how much property taxes & homeowners insurance will likely be, amongst other items.
    • Wasshington State
    • King County
    • 98168
9. Property Description: 
    • Looking for single family home
10. Property Value
      • Hoping to qualify for $250,000 (wishful thinking?).
11. Occupancy
    • Primary residence for my wife (stay at home mom) and daughter
12. Transaction Type.  Purchase (first time homebuyer)
Message 1 of 9
8 REPLIES
Frequent Contributor

Re: HELP! Do I qualify and how much max will they loan me?

What is the balance of your student loan? Is your $160 month payment at least 1% of that amount?

 

Is the student loan your only current payment? What about a vehicle/vehicles - even if you don't currently have a payment now, it is likely that you will over the next 30 years Smiley Happy.  I would be conservative with a young family particularly. You don't want to be "mortgage poor". There are many more expenses involved with owning your own home than just the mortgage payment. Most people can afford the payment, its the ongoing maintenance and unexpected repair issues that can be problematic.


You can't have your cake and eat it too. But you can dip your finger in the bowl and lick the icing!
Message 2 of 9
Established Member

Re: HELP! Do I qualify and how much max will they loan me?

The balance on the student loan is under 5k (4k and some change) and no other monthly payments at the moment (i own my vehicle) and pay off credit cards monthly (just use them for groceries, gas, bills etc... and thanks for the advice Smiley Happy just want to know what my max is because king county is expensive and i would definelty stay conservative and within my means Smiley Happy

Message 3 of 9
Established Member

Re: HELP! Do I qualify and how much max will they loan me?

Looks like an easy approval to me. Talk to a local lender.

Message 4 of 9
Established Member

Re: HELP! Do I qualify and how much max will they loan me?

The approval isnt so much the issue but the amount $$$$, online loan calculators are all over the place so i am wondering what home price range I can get approved for with lets say $3000 annual taxes and $800 homeowners insurance figured in. Some calculators say under 200,000 and some say upwards for 270,000. 

Message 5 of 9
Regular Contributor

Re: HELP! Do I qualify and how much max will they loan me?

Must be nice to find a $250,000 house with only $3,000 taxes.....where I'm at (Texas) that number would be closer to $8,000

Starting Score:Low 500s in 2013
Current Score 11-13-17: TU: 750 EX: 801 EQ: 762
Goal Score: 740 Across the Board
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Message 6 of 9
Established Member

Re: HELP! Do I qualify and how much max will they loan me?

Well I am in the Seattle area and $250,000 doesnt get you much at all house wise. Ultimate starter home and very modest if I find anything at all that low (near seattle), but the ones I have seen have taxes around that range $3000 a year. 

Message 7 of 9
Regular Contributor

Re: HELP! Do I qualify and how much max will they loan me?


antonio4252 wrote:

Well I am in the Seattle area and $250,000 doesnt get you much at all house wise. Ultimate starter home and very modest if I find anything at all that low (near seattle), but the ones I have seen have taxes around that range $3000 a year. 


Touché   $250k here is around 2600-3000 square feet

Starting Score:Low 500s in 2013
Current Score 11-13-17: TU: 750 EX: 801 EQ: 762
Goal Score: 740 Across the Board
In My Wallet: Cap1 QS1 - Cap1 BuyPower - PenFed Power Cash Rewards - PenFed Promise - AmEx Delta Gold - AmEx Green - DISCO - NFCU Cash Rewards

Message 8 of 9
Highlighted
Established Member

Re: HELP! Do I qualify and how much max will they loan me?

Must be nice! Smiley Wink yeah around here that $250,000 will get me 2 bedrooms (3 if im lucky) and about 800-1200 sq ft Smiley Happy and im talking older home that could probably use some updating Smiley Happy

Message 9 of 9