Will I be approved for $450K

[CreditWarrior21]

Hello,

Thanks for reading.

I am looking for some info on what I may be possibly approved for as it relates to a first time home purchase.

Currently- my income is about 170,000 a year.

I have 65K in student loanss

5K in CC debt

20K car note

and 15K Winnebago note

I am looking to purchase in the $450K range. Utilyzing an FHA loan.

Will I be approved for that amount?

Thank you,

[Anonymous]

My guess is you would have no problem as long as your monthly payments on those other debts is less than about $3500. For FHA you can generally have 31% of your income devoted to mortgage but prop tax etc and 46% delegated to all debts including mortgage.

Where you need to watch is for the FHA loan limit in your area. $450,000 is above the limit in some places.

[CreditWarrior21]

Thank you!

yes, I googled the loan limits and single family in my area caps out at $493 for 2017. I am in Denver, CO.

My other bills would fall WAY below the $3500 line you mentioned. More like $2000 range.

I appreciate the help!