Reply
Valued Contributor
tooleman694
Posts: 2,296
Registered: ‎08-25-2011

Re: Home loan chances

If you earn 205k a year, you would max out at about a 820k mortgage if your DTI is in good shape.

Member
jcmaroon
Posts: 29
Registered: ‎01-15-2013

Re: Home loan chances

Our DTI right now is about 13.5 percent. That's without adding the house payment in.

 

Perhaps we should be thinking a little bigger than $350,000. Maybe in the $500,000 range.

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: Home loan chances

Yep I think so...I would! LOL! I am in the process of purchasing a $347,900 home and I make $96,000 a year. Your income and DTI allow you to go a lot bigger if you want. The max home price I was preapproved for was $360,000.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010

Re: Home loan chances

Buy a home on what you feel comfortable with. More money for home does not always mean better home.

You qualify now according to what you posted shop as you like
Good Luck
May all your dreams and wishes become a reality!
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: Home loan chances

JM-AM, there were homes to die for in the $450,000 range! If we just made a little more money, I would have loved to buy one of those homes. In Colorado, you can get a huge house for $450,000! Our home at $347,900 is really nice though with 3500 sq ft.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
tooleman694
Posts: 2,296
Registered: ‎08-25-2011

Re: Home loan chances

Same here in Dallas, 450k get you about the same size home as 300k but it is upgraded to the max.

 

I would love to have a kitchen with 2 islands, a media room and a sub zero fridge lol.

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: Home loan chances

I just looked at the listing for our home and it is 3713 sq ft. 2518 sq ft is finished. The rest is a unfinished walkout basement.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: Home loan chances

+1 on what tooleman said. :smileyvery-happy:
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010

Re: Home loan chances

Lol

Yes the extra luxuries are nice but not always needed.

More house to maintain. More house to clean. Higher taxes. Higher insurance.

But I do know the benefits of the luxuries also. :smileyhappy:
Good Luck
May all your dreams and wishes become a reality!
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: Home loan chances

+1 :smileyvery-happy:
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014

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
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+