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How much will I possibly qualify for a mortgage?

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neptunejcw
Regular Contributor

How much will I possibly qualify for a mortgage?

I make 95K a year, I have no debt at all, no car notes, just insurance&cell bill. Fico scores 622,647&675. I'm looking to buy a house the 1st of the year. How much do you think I will possibly pre qualify for? My income can be 10k higher if I work more hours. & what would be a good mortgage payment for my income
Message 1 of 10
9 REPLIES 9
Chris3k2
Regular Contributor

Re: How much will I possibly qualify for a mortgage?

I would say somewhere in the 300,000 to 400,000 range for a home, if not more. I make 42,000 and was able to get approved for 190,000 with just 100 in student loans. As for what a good mortgage payment would be... Honestly I think it comes down to how comfortable you are with your payments. And whether you want to give yourself enough cushion in the event of an accident or an emergency pops up or just anything unexpected happens. Just go with what you think you can do and still maintain your current lifestyle. That's what I would do.

Starting Score: 03/29/2013 540 EQ 05/01/2013 614 TU 05/30/2013 606 EX (Lender Pull)
Current Score: 07/27/2013 639 EQ 07/27/2013 651 TU98 07/27/2013 650 TU04 07/27/2013 617 EX V2 07/27/2013 639 EX 08
Goal Score: 660 EQ 660 TU 660 EX


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Message 2 of 10
neptunejcw
Regular Contributor

Re: How much will I possibly qualify for a mortgage?

Wow 300K is a bit steep..lol. But I thunk my limit for my mortgage would be around 1000 a month. With 3.5.down. I'm new to house buying so I'm not sure how much would I need to be looking at to be at a 1000 a month
Message 3 of 10
neptunejcw
Regular Contributor

Re: How much will I possibly qualify for a mortgage?

With 190k if you dont kind me asking what kind of mortgage would that price tag five me
Message 4 of 10
Chris3k2
Regular Contributor

Re: How much will I possibly qualify for a mortgage?

Well I'm doing a USDA loan. The interest rate here in sc for that program seems to be 4.5%
My pre-approval letter had around 973.00 for principle and interest. Taxes in the county we are moving to are really low. Should be 800 or less a year and my home insurance quote was around 1000 a year. I'm looking close to 1100 a month for PITI at the moment. The house we are having built is around 2800 sqft. 2 stories. 4 beds and 3 or 3 and a half baths. Pretty decent loft and 2 car garage. On a little less than half an acre of land.

Hope this helps.

Starting Score: 03/29/2013 540 EQ 05/01/2013 614 TU 05/30/2013 606 EX (Lender Pull)
Current Score: 07/27/2013 639 EQ 07/27/2013 651 TU98 07/27/2013 650 TU04 07/27/2013 617 EX V2 07/27/2013 639 EX 08
Goal Score: 660 EQ 660 TU 660 EX


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Message 5 of 10
Chris3k2
Regular Contributor

Re: How much will I possibly qualify for a mortgage?

It might be at least an extra 100 if you go fha. I'm not positive in that though. Maybe somebody with more experience can give there thoughts.

Starting Score: 03/29/2013 540 EQ 05/01/2013 614 TU 05/30/2013 606 EX (Lender Pull)
Current Score: 07/27/2013 639 EQ 07/27/2013 651 TU98 07/27/2013 650 TU04 07/27/2013 617 EX V2 07/27/2013 639 EX 08
Goal Score: 660 EQ 660 TU 660 EX


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Message 6 of 10
coffeepleeze
New Contributor

Re: How much will I possibly qualify for a mortgage?

USDA uses a 29/41 dti so based on $95k yr, your preapproval based on salary alone will be will put you with an all inclusive front end mtg pmt of $2295/mo which prob translates to somewhere in the $350,000+ range.  Then you need to factor in monthly debt pmts to make sure you dont go over the 41% back end limit.  Naturally, just because you prequalify for that amount, doesnt mean you need to go that high.  Afterall, you're the one who needs to live comfortably with your monthly payments Smiley Happy

Starting Score: 05/30/13 EXP 597, EQ FICO 605, TU 609
Current Score : 09/06/13 EXP 610, EQ FICO 635, TU 678

Lender Scores: 08/09/13 EXP 643, EQ FICO 629, TU 685


Message 7 of 10
justrock
Frequent Contributor

Re: How much will I possibly qualify for a mortgage?

A lot depends on the property tax for the home you want to buy.  Where I live in NY,  the property tax on a $179000 property I was interested in were $6000 a year.  The high taxes put that house out of my reach.


Starting Score: 597
Current Score: TU 720 EQ 648
Goal Score: 750


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Message 8 of 10
miltown81
New Contributor

Re: How much will I possibly qualify for a mortgage?


@Chris3k2 wrote:
It might be at least an extra 100 if you go fha. I'm not positive in that though. Maybe somebody with more experience can give there thoughts.

That's about right but I would also warn that new FHA guidelines state that if you have to get PMI, it's for the life of the loan now. Make sure your down payment is at least 20% or more to avoid it.


Starting Score: 711
Current Score: 819
Goal Score: 820


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Message 9 of 10
DrMac210
Regular Contributor

Re: How much will I possibly qualify for a mortgage?


@neptunejcw wrote:
Wow 300K is a bit steep..lol. But I thunk my limit for my mortgage would be around 1000 a month. With 3.5.down. I'm new to house buying so I'm not sure how much would I need to be looking at to be at a 1000 a month

By saying you were putting down 3.5%, I assume you are looking at an FHA loan.

 

To stay in the $1000 range in my area, including mortgage, insurance, taxes and PMI you would have to buy a $140K house or less.

 

A $190K FHA mortgage would be $1480/mo.


Starting Score: EQ 641, TU ???, EX ??? (myfico 6/7/13)
Current Score: EQ 760, TU 740, EX 750 (myfico July 2015)
Goal Score: 800 across the board


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