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How much would we qualify for?

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Heatherkins
New Contributor

How much would we qualify for?

My boyfriend and I would like to purchase a home within the next year. We currently rent and would love to stop putting money into someone else's home and into our own. How much might we qualify for?

 

1. My credit scores are : credit.pngHis score (from PenFed) is 750 (we need to check his FICOS)

 

2.My salary: 44K  and his: 39K plus 5K bonus

3. Both of our incomes are salary except his 5K bonus.

4. Monthly Debt Obligations: $421 Car Payment, $422 Student Loan Payment, $50 minimum credit card payment

5. Employment history: I am in my 7th year as a teacher. He is a current student and will hit his 2 year employment mark in January 2015. He started at his company as an intern and became full time in June of 2013. Will this affect us as far as how much of his salary is counted? He is working in IT and getting a computer degree.

6. We have around 10K saved plus he has a 401K. We have been trying to put away about 700ish a month (figuring our payment might be about that much above our current rent payment of $925; we are open to different loan types understanding that there are benefits to both FHA and conventional; we know we have a lot more saving to do

7. Las Vegas, NV 

8. Single-Family House; we are first time homebuyers

9. Value-??? This is what we'd like to know...how much we qualify for 

10. Purchase

 

We are not married but long term (5 years). Are there any difficulties trying to purchase with someone you are not married to? Would there be any benefit to getting married before we purchase? Also, are there ways to roll closing costs into loan? or get a home with just downpayment costs? I am curious about those options!

 

Thanks in advance!

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ShanetheMortgageMan
Super Contributor

Re: How much would we qualify for?

Can't roll the closing costs into the loan (unless you use USDA rural financing, which isn't eligible in Las Vegas).  In your initial offer you can ask the seller to give you a closing cost credit though, or the lender/mortgage broker you opt to go with can give you a higher interest rate in lieu of giving you a closing cost credit as well.

 

No benefit (as far as qualifying) to getting married.  You can still both go on the mortgage without being married, although there would be two separate credit checks and two separate loan applications to complete, but that sn't significant (unless you are allergic to paper).

 

His employment history should be fine, doesn't matter if he started as an intern, just matters if he has a 2 year employment history and if he's full time now.  Bonus income isn't likely to qualify until he's had a 2 year history of receipt though.

 

If you can must up 5% down then with conventional financing about a $330k sales price would be your max.

 

If you are trying to keep it to around $1,600 then you'd want to keep it around the $240k-250k range.

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