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You should have no problem whatsoever.
Our profile is very similar, but we put much less down on our house.
Income - 135k
Monthly debt - 1100
Property taxes - 12k
HOA - 1200
We signed for our house at 415k, and have had no issue with our approvals.
@agekeith22 wrote:
My husband would apply alone, as I do not work and have less than stellar credit.
Income: $136k annually
401k and stocks: $70k
Child Support: $900 per month
Other Debt: none
Down Payment: $35k-$40k
Additional cash savings: $15k
Loan Type: conventional 30 year
FICO - 720 mid
Property Taxes and Homeowners Insurance: $12k per year
HOA Dues: $1015 per year
We are looking at homes around $400k, but I am uncertain if we could even be approved for this much.
Hi,
Are the Taxes and HOA fees for a new property or you current? Are you selling your current home or carrying both mortgages?
With 900 in child support as the only debt you can afford roughly 3,175 as a new monthly mortgage payment. This is the total payment, and would include escrow, and HOA fees.
If the HOA and escrow information is correct above for the new house you can afford - a P and I payment of $2088.75. This would give a purchase price of $389,095.73. (after down payment IE amount financed) So if you put 70 K down then you could afford 459,095.73
With more detail I can get closure on the true numbers.
Based on the information you provided you should be okay but I would contact a lender for a pre-approval to make sure. With a down payment of 40k, your principal & interest payment would be $1,850/month on a 30 year fixed. Feel free to reach me for a pre-approval to determine the exact amount you can qualify for. We are a top 10 mortgage lender in the US and purchase experts.
"Mod Cut" to remove direct contact info, because it's again myFICO terms of service.
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I also feel that your figures and satisfying and you can apply for a good amount as said here by everyone.