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How much mortgage can I get approved for ?

New Member

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 ?

 

 

 

 

 

 

Message 1 of 4
3 REPLIES
Super Contributor

Re: How much mortgage can I get approved for ?

Need the missing information from http://ficoforums.myfico.com/t5/Mortgage-Loans/Do-I-qualify-for-a-mortgage-Info-that-is-needed/td-p/...

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 2 of 4
New Member

Re: How much mortgage can I get approved for ?

@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.

Message 3 of 4
Super Contributor

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).

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 4 of 4