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Established Member
ecocredit
Posts: 66
Registered: ‎06-19-2014
0

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

 

 

New Contributor
mom22sonz
Posts: 64
Registered: ‎06-29-2014
0

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. 

Super Contributor
ShanetheMortgageMan
Posts: 8,253
Registered: ‎09-28-2007
0

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?).

Established Member
ecocredit
Posts: 66
Registered: ‎06-19-2014
0

Re: How much do I qualify for?

[ Edited ]

Looking to buy in and around the sf bay area.

Super Contributor
ShanetheMortgageMan
Posts: 8,253
Registered: ‎09-28-2007
0

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.


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