HOW MUCH MIGHT I POSSIBLY QUALIFY FOR?

[Anonymous]

Not quite ready to apply yet but i was wondering how much a 44-45,000 income would qualify for. i was hoping 120-130,000 morgage range. is this possible. I have  to pay down alot of  credit card debt before i can apply. i havent decided if i will use my va elig or try fha. i dont really have alot to for closing etc, but im saving alitle every month.  do u think interest rates will go up significantly in the next year, hoping to start my search next summer or early fall. thanks in advance

[cdtotten]

What are your minimum debt payments each month for your credit cards/installment loans? Your DTI (debt to income) ratio, is the key factor in determining your ultimate approval amount.

If I were you, I wouldn't even think about obtaining a mortgage until you get your credit utilization under 9%. As you said, you don't have a lot of money saved up and having a mortgage is going to make that far worse. Try to prioritize and you will appreciate it in the end! Much harder to pay down debt when you occur new debt.

Mortgage rates are extremely low right now... in the 4.75% range on FHA 30 yr. My guess (and that's all anyone has) is that rates will get up to maybe 5.25% by the end of this year. With the economic conditions that exist presently, I just don't see them adjusting up that much. I don't expect below 5 to last long though.