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I bring home 3300/mo the home im interested in is 380,000 according to an how much you can afford calculator i can only afford 175k?, my question is when im ready to apply for a motgage and go through the process will an underwriter kick back a set amount that id be qualified for or will they qualify me for what im asking for? Shane my household income is much more, Id say 7700/mo but everyone has their own bank accts etc.. When prepping for a mortgage how should my banking look. "we" have the income but only "I" will be appkying for the mortgage. Currently we a family of 3 my parents and I. I Pay rent and my bills, my parents pay utilities and their bills. Every ones finances are seperate 1 month they may pay rent so on my bank statements you might not see a rental payment consistently. Any advice? Also I bring home 3300 my expenses are 300 student loans 500 auto payment.
the easiest way to find out is to go ahead and apply - contact a mortgage broker, fill out all the paper work, get a credit pull, and THEY will tell YOU home much house they are willing to give you a mortgage for. Mind you, they are not telling you how much house you can AFFORD, just how much they'll finance. You telling them how much you want doesn't play into it much, you can tell your mortgage broker, but in the end the underwriters will base it on there own calculations. You can go back and forth on this board and get people's comments, and that can be helpful, but in the end the only way you will know is by applying. (I would asume that if you are the only one that will have the mortgage then only your income can be taken into account but that's not based on fact, just an assumption - if your name is the only one on the mortgage then you are the only one responsible for it - if you can't pay up they can't go after others in your family (with all this other income you noted) becuase they are not owners of the house.- but again, this part is assumption on my part)
@ChistineNJ wrote:I bring home 3300/mo the home im interested in is 380,000 according to an how much you can afford calculator i can only afford 175k?, my question is when im ready to apply for a motgage and go through the process will an underwriter kick back a set amount that id be qualified for or will they qualify me for what im asking for? Shane my household income is much more, Id say 7700/mo but everyone has their own bank accts etc.. When prepping for a mortgage how should my banking look. "we" have the income but only "I" will be appkying for the mortgage. Currently we a family of 3 my parents and I. I Pay rent and my bills, my parents pay utilities and their bills. Every ones finances are seperate 1 month they may pay rent so on my bank statements you might not see a rental payment consistently. Any advice? Also I bring home 3300 my expenses are 300 student loans 500 auto payment.
When you apply for a mortgage to purchase a home, you apply for a specific sales price along with estimated (or actual) amounts for property taxes, homeowners insurance (which may include flood insurance, etc.), homeowners association dues, and mortgage insurance (if applicable). So I recommend you apply for the highest amount you'd consider purchasing, as if you can qualify for a $100k purchase then a $90k purchase wouldn't be a problem... but if you apply for $90k and get approved then you won't know if you can qualify for more.
Only the income from the person(s) applying can be used to qualify - if someone isn't on the loan then their income doesn't qualify.
I'm not exactly sure what you mean by your question, "How should my banking look?". Can you elaborate? I can tell you that when applying for a mortgage, it's good to only deposit your own income in your bank account... as any large deposits will need to be explained and will likely require proper documentation. Gifts and other sources of deposits are fine, but again they need to properly documented so if you aren't sure on how to document them, then don't deposit the funds because it's possible the underwriter may not allow you to use those deposit amounts to help you qualify.
Shane you answered my questions thank you, my family does alot of tsf between our account thats what i should have said. Thank you boad. Also i have yet anthor silly question if i wanted to go through the pre-approval process is that a hard pull or soft. One last question if i may, right now im at about 25% utilization should i bring open credit card debt to zero before applying?
Thank you gardner i need all the luck i can get, i noticed in your siggy you have a nfcu mortgage if you can can you share your experience with them, im aiming for a nfcu va loan
Do you have VA entitlement yourself?
If not, are you going to be able to come up with a $47,500 down payment (12.5% of $380k) that I mentioned in your previous thread from June?
@ChistineNJ wrote:I bring home 3300/mo the home im interested in is 380,000 according to an how much you can afford calculator i can only afford 175k?, my question is when im ready to apply for a motgage and go through the process will an underwriter kick back a set amount that id be qualified for or will they qualify me for what im asking for? Shane my household income is much more, Id say 7700/mo but everyone has their own bank accts etc.. When prepping for a mortgage how should my banking look. "we" have the income but only "I" will be appkying for the mortgage. Currently we a family of 3 my parents and I. I Pay rent and my bills, my parents pay utilities and their bills. Every ones finances are seperate 1 month they may pay rent so on my bank statements you might not see a rental payment consistently. Any advice? Also I bring home 3300 my expenses are 300 student loans 500 auto payment.
380k seems like a lot. I bring home three times your salary and I barely felt comfortable with a mortgage that size. Maybe I'm just conservative, but you should make sure your house doesn't stretch you too thin financially.