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Income - $6793 per month
Auto Loan $515 per month
Credit Cards- Paid in Full Monthly
Student Loans - $149 (In Deferrment)
Scores (595 EQ/621 EX/ 669 TU)
Welcome to the boards
Make sur eyou dont have a balance showing when the credit is pulled or it could possibly skew the numbers a little
Looking at the income vs. debt
$6793 x 43% -$2920 (max allowed for all debts - can be higher but this is a safe number)
This leaves $2257 assuming the student loans have to be counted
This puts you in the ball park for a 275k - 300k loan amount
You will need to know the limits in your area - they may cap at 271k if it is not a higher cost area
If the student loans are in deferment for a minimum of 12 months they wont have to be counted and may allow you to buy more
Make sure these numbers fit in your overall budget
what you can get and what you can afford arent always the same
Brian
Thank you. I do live in a high cost area, California.
LOL
yeah you do
Where are you located? I live in the East Bay area
the loan limits likely wont be an issue anywhere in this state
Brian
Roseville, Placer County
If you opt for FHA with a 3.5% down payment your absolute max sales price will be around $425k (assuming your county's loan limit goes that high, use the https://entp.hud.gov/idapp/html/hicostlook.cfm to check). With conventional financing and 5% down you would be looking at an absolute max of about a $315k sales price (conventional has lower debt ratio limits).
Loan limits arent a problem Placer caps at $474,950 for a single family
My numbers were very conservative - like I shared you can possibly get more - but you have to have a solid file to get over that 43%
Low 300's is what I am hoping to qualify for, since that is the going price for entry level houses in the area that I am interested in. I'm still building a solid down payment, and have a lease that does not expire until Aug 1 of this year, so I have some time.
low 300's shouldnt be an issue
Better to have enough left over every month than to be house rich cash poor
Sounds like you have plenty of time -
The more you can save the better your file will look in underwriting
Amazing how much that area has grown in the last 20 years - I grew up in the Yuba City area and back then Rocklin was mostly industrial - now its thuge - it's also he best place to stay if you want to play at the Casino and not pay their crazy prices for a room......we catch a lot of the summer concerts there
Brian