topic Re: Question regarding loan amount for mortgage in Mortgage Loans

Question regarding loan amount for mortgage

Anonymous — Wed, 06 Jul 2016 01:33:06 GMT

Can anyone give me an idea of approx what loan amount I would qualify for with 20 % down and a 663 mid score? I make $2000 a week, will be paying all credit cards to 0 and leaving a small balance on 1 ( so basically no credit card minimum payments) and $540 a month in car loan payments. I have no other obligations. Any help would be appreciated. Thanks

Re: Question regarding loan amount for mortgage

DallasLoanGuy — Wed, 06 Jul 2016 17:53:36 GMT

depends on taxes and insurance as to how much you would qualify for.

do you have a price range in mind? we can start there.

Re: Question regarding loan amount for mortgage

Anonymous — Wed, 06 Jul 2016 21:46:50 GMT

hi dallasloanguy, im getting ready to apply for a loan for a house too, the price of the house is 200k, last year taxes i declared 33k, my credit score with transunion as per credit karma says 710, hopefully by the end of the year it will be around 740-750, the fico score with experian still hasnt updated yet, but lets assume its around 710 the same, im making sure i will have max 500 bucks owes on my credit cards, the complete credit line with all my cards its 22k, do you think i will qualify for a loan that high? im from south florida, and houses here are not cheap at all, what do you think?

Re: Question regarding loan amount for mortgage

DallasLoanGuy — Thu, 07 Jul 2016 01:11:52 GMT

33,000/12=2750 per month income

2750*.45 = 1237.50

1237 = max debt payments including PITI + monthly debt on credit report.

unless your taxes are dirt cheap there... and you have hardly any payments on credit report.... this looks tight

you can find PITI calculators online

Re: Question regarding loan amount for mortgage

Anonymous — Thu, 07 Jul 2016 01:38:17 GMT

Thanks for the help, i dont know what PITI is but i will find out, thanks

Re: Question regarding loan amount for mortgage

DallasLoanGuy — Thu, 07 Jul 2016 18:43:14 GMT

PITI = principal + interest + taxes + insurance