General idea of how high of a mortgage I can get???

[Anonymous]

I am purchasing a home soon and have no clue what is realistic for a purchase price. Trying to see what’s the max loan I could possibly get. I know I have to speak with A LO for accurate estimates but I am not ready for them to run my credit because I have current dispute language on my report and don’t want them to see false highs as a score.

I keep reading don’t get your max so no need for that speech. My husband will not be on the loan with me because his scores are to low but His income is 3 times mine so I know we can afford whatever my max might be. I really would like to push it to 45 percent dti for area I want to move in. Is that possible with my scores? The areas taxes are only around 200 a month.

Online calculators are all over the place but here’s my general info.

Mortgage scores 680, 664, 670
Income 45,300
Total Debt monthly 280
Downpayment 10,000
Reserves 15000


Helllllp! I’m going nuts trying to figure it out!

[Anonymous]

You are likely to better responses in the mortgage forum.  Would you like this thread moved there?

The other thing we'd need to know is whether you'd be interested in improving your scores, or whether you are fine with where they are.  If you would like to improve them, we'd need a list of your credit cards and the balance and credit limit for each one.  We'd also need to know whether you have any derogs (lates, collections, chargeoffs, etc.) on any of your three reports.

[Anonymous]

Yes moving it to the correct forum would be great and I need to buy rather quickly so I don’t have time to continue to raise the score anymore than it is other than the dispute pending on the student loans. Credit utilization is at 1 percent. Two credit cards one reporting 0 and the other reporting 10 bucks. Late student loan payment is the only derogatory. Last year in April reported 120 days.

[VALoanMaster]

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@Anonymous wrote:
Yes moving it to the correct forum would be great and I need to buy rather quickly so I don’t have time to continue to raise the score anymore than it is other than the dispute pending on the student loans. Credit utilization is at 1 percent. Two credit cards one reporting 0 and the other reporting 10 bucks. Late student loan payment is the only derogatory. Last year in April reported 120 days.

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Hi Patience_is-key,

Based on the info you provided, you're looking at a rough estimate of $225,000 for a purchase price going with an FHA loan. The total estimated payment is $1,524.51 per month which puts your debt rations at 40.38% on the front end & 47.8% on the back end.
FHA will allow you to go as high as 56.9% on the back end BUT it's a little tighter on the front end.

Does that make sense?

[sports1965]

Advice 

Dont buy more house(Payment) than u can handle confortably or the joy of owning a home will be short lived!

[Anonymous]

Yes that’s makes sense. Thank you !

[Anonymous]

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@Anonymous wrote:
 His income is 3 times mine

Income 45,300

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$135k is a lot of income to leave on the table, for qualification purposes. Why is his credit such a liability?

At worst, if you solo the mortgage qualification, maybe you can increase the down payment?  With his income, it would seem like you could double or triple your down payment within six months -- that would have an impact on the range of homes you could purchase.

[Anonymous]

I totaled a car in his name. Insurance was in my moms name so we paid her but of course she had let it lapse when the accident occurred. Basically hello bankruptcy for him and lesson learned for me. He will be in chapter 13 for another 2 years. We are definitely considering holding off to save more for the Downpayment. Great idea. The problem is he hurt his self at work 2 years ago and has been on disability since. Which lowered his check by a lot. Now 2 surgeries later and he Should be returning to work in a few months back to his regular pay. We moved in with my sister to save but we are a family of 5 living with a family of 6 under the agreement to be out by July.