How much would I potentially qualify for?

[JasonDarnell1]

What type of mortgage could I be potentially be approved for. I am single, 25,  living in a NYC suburb. Currently rent but looking to buy in near future. Have little to no savings but excellent credit. Also own a home in another state ($300,000) totally paid off. Could use that as collateral if neccesary.

1. Credit Scores. 723 Experian (last checked May 2014), Transunion 706 (last checked March 2014), Equifax 711 (Last checked March 2014)
2. Income- $75,000 a year, employed 3 years. Switching jobs and industries over summer, same pay.
3. Total/Monthly Debt:

-$12,000/$232- Car Note (3.5 years remain)

-$8800/$327-Personal Loan (2.5 years remain)

-$5600/$88- Student Loan (6 Years remain)

-$1000/$25- Chase CC 

-$1000/$25- BOA CC

4. Money available for Down Payment $5000

[guykara]

You can call a bank and do a pre qualification and they'll tell you the amount (they won't ask questions about credit, so this will be entirely based on your DTI).

[ShanetheMortgageMan]

How much are the property taxes & homeowners insurance on the home that is paid off?  Those items are included in your debt ratio calculation.

Is the home in the other state rented out?  If so, do you claim the rental income on your tax returns?

[JasonDarnell1]

Family member passed away and title and deed on house passed on to me. Other family lives in house now and they pay all costs associated (Taxes insurance, everything), but I am on title.

I do not, per se, rent it out.. I do not claim rental income (because there is none) on house.

[ShanetheMortgageMan]

Well a home you own you are responsible for all associated costs for, including property taxes & homeowners insurance no matter who pays it.  If they are not on title, I'd suggest you start charging them rent to cover the annual taxes & insurance, and claim it on your tax return... should be a wash since the expenses & rent you charge would cancel each other out, but it's the only way an underwriter will be able to exclude the property taxes & homeowners insurance from what you can qualify for in that situation.  If they are on title, then evidence of them paying the property taxes & insurance would cancel it out. 

[JasonDarnell1]

Thanks for the advice