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Only make 49k a year

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Anonymous
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Only make 49k a year

Hello, I need some help on how much I may qualify for. I make 49 grand a year, My car payment is 419.15 and I have credit card debt in the amount of 267 a month (min. monthly pymts). My mid score is 630, no lates, no baddies. I've been in the same line of work for 5 years, I've been renting this house for 5 years and pay one thousand a month. I am getting down payment assistance in the amount of 30 thousand dollars, that has to be paid off through a program in my state when the house is sold or if I ever re-finance. I am looking to purchase in Las Vegas, Nevada Clark County area, zip code 89123. Would I be able to qualify for ANYTHING at all? Thank you.

Message Edited by wantmyownhome on 07-08-2008 10:25 AM
Message 1 of 11
10 REPLIES 10
mwr1ght
New Contributor

Re: Only make 49g a year

Your pretty lucky to get the DPA through your state and qualify. I make the same, have less debt but I do not qualify in my state MI because I make too much money and have no dependents. I would need like 4 dependents to qualify here. Good luck on your home purchase. TRY FHA~
Message 2 of 11
Anonymous
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Re: Only make 49g a year

Thank you. We just made it by one thousand dollars. Good luck to you too. Anyone out there know what we may qualify for?

Message Edited by wantmyownhome on 07-08-2008 10:27 AM
Message 3 of 11
Anonymous
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Re: Only make 49g a year

If you go to interest.com and look at the mortgage calculator, it would give you an idea of how much home you can afford. I am not sure if the mortgage companies use it but it maye give you a general idea. You can google "how much home can I afford" and I am sure something will pop up.
Message 4 of 11
Anonymous
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Re: Only make 49k a year

It sounds like you need to do some budgeting and see what you can actually afford for PITI. Just because the bank qualifies you for a certain amount does not mean that is what you should spend.

I just found a house an spent a LOT of time budgeting so that we would not be house poor, or worse house BROKE.

Use the calculators available online... www.navyfederal.com has some good ones.

Good luck!!
Message 5 of 11
Anonymous
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Re: Only make 49k a year

Hi all thanks for the replies.

Majoryezen, I did do budgeting and figured we'd be comfortable and not house broke with a payment of around 700 a month. That would leave us with plenty left over. We pay 990 now and always have plenty of money left over, and are not living check to check even with our debt as we don't do much spending on entertainment and all that, just play a good game of Scrabble and enjoy it. Just wondering if the banks would approve us for a house of about 140 thousand. I guess I'll never know until I apply.
Message 6 of 11
Anonymous
Not applicable

Re: Only make 49k a year

Bottom line is you have to use the calculator or just go over your numbers with a loan officer. I am sure someone can tell you if you do not trust the calculators that are on line. I used them and that is the reason I need to get my car loan payment lower. I need at least 100,000 and my car payment is 485 and my credit card debit is like 100 but my student loans are 150 and I have been at my job 1 year last month and make 42,400 (straight out of college) not including my yearly bonus or second job that brings in 8,320 per year (which I am told will not be considered). With that said all I qualify for according to the calculator is 65,423. With a car loan at 340 per month and credit card debt of 60 I can afford to borrow 96,280. These figures do not include my bonus or second job. This is the scary part for me. If I can include my second job I will be okay but was told I would have needed to have it for 2 years. I am praying they give me the 100,000 I need, but we will see.
Message 7 of 11
Anonymous
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Re: Only make 49k a year

wantmyownhome, I inputted your numbers and according to the calculator you can borrow 99,883 and with credit card debt of 167 you can borrow 116,562. I am sure these are just estimates but it gives you a general idea, I guess.
Message 8 of 11
Anonymous
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Re: Only make 49k a year

IsaJoCola, thank you so much. Wow, that wouldn't get me anything then. Looks like we'll have to wait a few more years. I'm going to try those calculators right now see what they say. I hope they can use your income. It's very frustrating isn't it. Thanks a lot!
Message 9 of 11
Anonymous
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Re: Only make 49k a year

Wait a minute all hope is not lost. I spoke with a lender who works to get individuals FHA loans and he advised that they look at 47% of your income for debt. For example with my income of 42,386 and 3532 per month, I can use 1660 for debt, minus 485 and 150 and 60 I am left with 965 for PITI. Which in my case I am more than eligible for my loan of 100,000. He said that with a mid score of 580 I can get approved at a 6.25 to 6.50 interest rate which is great for me. (P.S. Last week my score was 598 and when I called about 5 days later I dropped to 569 because of the last known collection account I have. I am planning to decrease my utilization from 92% to 50% next week and keep my fingers crossed.)
 
 
Message 10 of 11
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