topic Re: How much would I qualify for?? in Mortgage Loans

How much would I qualify for??

Anonymous — Tue, 06 Mar 2012 01:42:21 GMT

I earn $53K per year. I am interested in a home that costs $249,900. My credit scores are 684-704. Could I possibly be approved for a mortgage of this amount? Any insight would be appreciated, and I do understand that any info is not the same as getting info from a lender.

Re: How much would I qualify for??

Anonymous — Tue, 06 Mar 2012 01:45:21 GMT

This has all the tools you'll need.

http://www.mortgage-info.com/mortgage-calculators/

Re: How much would I qualify for??

Anonymous — Tue, 06 Mar 2012 01:57:03 GMT

Thank you.

Re: How much would I qualify for??

Anonymous — Tue, 06 Mar 2012 01:59:57 GMT

Truly. Real eye opener....and you are welcome.

Re: How much would I qualify for??

seemund — Tue, 06 Mar 2012 04:33:27 GMT

Are those calculators really accurate?

*Sorry to hi-jack this thread, but I'm on a similar boat, and it seems like every calculator gives out different results*

Re: How much would I qualify for??

Anonymous — Tue, 06 Mar 2012 04:48:27 GMT

I've had a lot of luck with most of then.

Re: How much would I qualify for??

frogfan12 — Tue, 06 Mar 2012 08:39:08 GMT

I think a home that's nearly $250K might be a reach for a $53K income, unless you put down a nice sized downpayment.

Re: How much would I qualify for??

boomhower — Tue, 06 Mar 2012 11:26:23 GMT

A lot is going to depend on your other debts. Have any other loans, CC, or auto's? Know the property tax rate for the area?

Re: How much would I qualify for??

Anonymous — Tue, 06 Mar 2012 11:28:08 GMT

@Anonymous wrote:
I earn $53K per year. I am interested in a home that costs $249,900. My credit scores are 684-704. Could I possibly be approved for a mortgage of this amount? Any insight would be appreciated, and I do understand that any info is not the same as getting info from a lender.

Would it just be you as the sole income?

Re: How much would I qualify for??

Anonymous — Wed, 07 Mar 2012 01:47:49 GMT

I do have student loans totalling $438.31 a month, credit card $85 a month. That is the extent of my loans. Other bills are utilities.

Re: How much would I qualify for??

webhopper — Wed, 07 Mar 2012 02:12:10 GMT

I make 93k base salary and I receive 2k per month in rental income. My soon to be husband makes about 65k per year. That being said I would not feel comfortable with ME signing up for that much loan. With your income you will be stretched financially. Sure the 250k house is cool but why not a cheaper house that will be easily affordable if Murphy happens. What geographic area do you live in? What is your age? Are you young and possibly getting marries later and starting a family or are you middle age or older? What is the average home price where you live? What does your career look like as far as opportunities for advancement? We actually looked at some 200k houses but I just psychologically couldn't make myself go there. We ended up spending 164k on the house with a 20 yr note and I'm totally happy cause of the extra cushion in my budget.

Re: How much would I qualify for??

Anonymous — Wed, 07 Mar 2012 04:27:10 GMT

@webhopper wrote:
I make 93k base salary and I receive 2k per month in rental income. My soon to be husband makes about 65k per year. That being said I would not feel comfortable with ME signing up for that much loan. With your income you will be stretched financially. Sure the 250k house is cool but why not a cheaper house that will be easily affordable if Murphy happens. What geographic area do you live in? What is your age? Are you young and possibly getting marries later and starting a family or are you middle age or older? What is the average home price where you live? What does your career look like as far as opportunities for advancement? We actually looked at some 200k houses but I just psychologically couldn't make myself go there. We ended up spending 164k on the house with a 20 yr note and I'm totally happy cause of the extra cushion in my budget.

Yep. Exactly. This town has seen enough "doh" real estate purchases. And my guess is that you have a fine house at 163K.

Re: How much would I qualify for??

Anonymous — Wed, 07 Mar 2012 22:30:29 GMT

Yes I will be. Going to the bank on Sat, don't know how much I'll be approved for, but I live in New York and you can't even get a fowl coop for under $1100 a month!! I prefer to struggle and pay my own mortgage...hoping to get a decent offer on the property. Co-ops are cheap, but maintenance can get as high as $1000!! I am a high school teacher and will probably work summers if I have to.

Re: How much would I qualify for??

K_J — Thu, 08 Mar 2012 00:06:28 GMT

I think it has to do with the area and market, here in the DC metro164 K would get you a dreadful neighborhood, besides a tree house might even be better.