We are in the beginning stages of trying to determine how much we could get for a mortgage and the steps to go about getting one.
Credit and Debt:
-757 score via CreditKarma. No derogatory marks
-Auto loan (monthly payment $213; balance of $8,100 left)
-Student loan (monthly $134; balance of $8,535)
-No other debt other than credit card balances that are paid in full each month
Credit Cards
-Discover CL $11,500
-Amazon Visa CL $9,000
-SallieMae Mastercard CL $10,000
Income
-Mine $68,000 Salary plus additional bonus (around $5000 more)
-Insurance settlement $5760 (not sure if this is relevant?)
-Spouse $48,000 Salary
Total = $121,760
Location
-Currently Houston, TX area but also considering Western NY or PA (Buffalo/Pittsburgh areas)
Property
-Single family home, preferably ranch style with 3-4 bedrooms and a decent yard. Difficult to find inside of Houston but in the suburbs they seem to be about 200k- 300k.
We have saved around $40,000 so far and hope to get to $50,000 by spring 2015. What should we be expecting?
