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How much do I qualify for?

New Contributor

How much do I qualify for?

Hi,

 

Here are my details - 

 

Credit =  ~760 FAKO, Clean report
Income = $160K Gross
Source of income = Employed - W-2'd
Monthly debt payments = $1200 in Credit Cards PIF
Employment = Full time (4.5 years)
Assets/Reserves = 90K in savings, 74K in 401K, 120K in investment account.
Property = SFH, Townhome, condo.
Value = Not sure - I wan't to understand what is the maximum I can afford safely.
Occupancy = Primary residence
Transaction Type = purchase

 

 

Message 1 of 5
4 REPLIES
New Contributor

Re: How much do I qualify for?

There is a calculator on here where you can put in certain assumptions and then it will give you an idea. 

Message 2 of 5
Super Contributor

Re: How much do I qualify for?

If you put 20% down then $800k should be within reach even in a market that has really expensive property taxes.  Really depends on how much you want to put down, and also how much property taxes & insurance are in your area (what area are you purchasing in?).

Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime) since 2002, based in Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Message 3 of 5
New Contributor

Re: How much do I qualify for?

Looking to buy in and around the sf bay area.

Message 4 of 5
Highlighted
Super Contributor

Re: How much do I qualify for?

Taxes here in California are relatively cheap... so $1,000,000 should be doable if you have 20% down.  With 10% down probably looking at about maxing at $825k.

Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime) since 2002, based in Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Message 5 of 5