will a bigger downpayment help me?

[Anonymous]

my 2013/2014 w2 avg to about 38k. if i wait for 2015 w2, then it will avg to be 42k. 

credit score, around 680 according myfico mortgage scores. 

i am looking at houses 400 to 450k max.  say i find a home for 450k and i have 25% downpayment, will any lender loan me 330k?  i have no debt/student loan/car payment so my DTI is very low. 

what are my option if above is a no go? i am assuming cosigner?

[mynameainttracy]

I hate to say this, but unless you can come up with about a 50% downpayment you are looking for homes that are way above your means.  Play with any affordability calculator and it puts you in the under 200k range.

[Anonymous]

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@mynameainttracy wrote:

I hate to say this, but unless you can come up with about a 50% downpayment you are looking for homes that are way above your means.  Play with any affordability calculator and it puts you in the under 200k range.

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my wife and i have an income around 100k together, but i am trying to get this house under my name first n we plan on paying it off as soon as we can. 

[mynameainttracy]

What's keeping you from using your spouse's income to qualify?

[Anonymous]

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@mynameainttracy wrote:

What's keeping you from using your spouse's income to qualify?

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personal reason, using her income isn't an option right now. 

[DallasLoanGuy]

down payment helps to a point.

but if the mortgagge isnt affordable..... it will never get done.  

all about the dti

do you know wwhat a payment will be on that deal? (with taxes and insurance)   more than half the income

[Anonymous]

Keep in mind that some states will include your wife's debt. Which state do you live in? 

[Anonymous]

Richard came in with these stats-

-Makin about 42k a year

-Lookin to buy a house in the 450k ranges.

That prolly ain't gonna fly.

[Anonymous]

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@Anonymous wrote:

Richard came in with these stats-

-Makin about 42k a year

-Lookin to buy a house in the 450k ranges.

That prolly ain't gonna fly.

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wife and i combine about 100k, i think it's reasonable to look at 400-450k houses.  I said 450k just so i have more room to work with, realisticly i am looking at 400-420k.  for a 420k houses with 25% downpayment, i am looking at a 300k loan.  We both have no debts right now (no car payments/loan) and more importantly no kid.  a 400k townhouse here in VA isn't even in the nice area.

[iv]

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@Anonymous wrote:

wife and i combine about 100k, i think it's reasonable to look at 400-450k houses. 

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Sure. At 100k.

But if you want to try that with only 42k reportable...  

As stated above by multiple posters - your DTI would not pass UW.

(Just the P+I on the loan alone would be 55%-56% DTI, before taxes, HOA fees...)

Either use both incomes, put 50%+ down, or go for a cheaper place.