Reply
New Member
Posts: 2
Registered: ‎03-28-2013
0

How much mortgage can I get approved for ?

I am a newbie to the mortgage approval process. However I am trying to gain some knowledge before i go for homebuying process. I would like to know what you think I should be preapproved for based on some of the below stats :

 

Annual Gross Income : $78K

Duration : 5 yrs same employer

Retirement Savings : 50K

Downpayment : $12500 -15K

Credit : 711(EX), 689(EQ), 700(TU) based on myfico

 

How much should I be approved or qualified for incase of a 30yr fixed?

How do they comeout with what % of front and back load they will apply ?

 

 

 

 

 

 

Super Contributor
Posts: 8,360
Registered: ‎09-28-2007
0
New Member
Posts: 2
Registered: ‎03-28-2013
0

Re: How much mortgage can I get approved for ?

[ Edited ]

@Shane

 

Monthly Payment includes :

Car Payment : $654

CC : 100

No other loan

 

Credit : Few late payments in the past. No collections. No late payments in last 1.5 yr.

Source of income :  W2 Employment. Salaried. Bonus not included.

Location : IL and county (Mclean)

Property.  single family house

Occupancy.  Primary residence. First time homebuyer.

Transaction Type.  Purchase

 

Thanks a lot. Appreciate it.

Super Contributor
Posts: 8,360
Registered: ‎09-28-2007
0

Re: How much mortgage can I get approved for ?

With 5% down and conventional financing, your max sales price could be about $260k'ish - you can increase that to around $290k by paying a single premium PMI instead of a monthly amount, but that increases your "funds to close" or interest rate.  With FHA and 3.5% down, your max sales price could be about $280k'ish (max FHA loan amount in Mclean County, IL is $271,050... but you can always buy a higher sales price and put down the additional difference).

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.