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How Much Would I Qualify For, Looking for FHA

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New Member

How Much Would I Qualify For, Looking for FHA

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)

Message 1 of 9
8 REPLIES 8
Valued Contributor

Re: How Much Would I Qualify For, Looking for FHA

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

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Brian B The Loan Professor
Mortgage Banker - offering FHA, VA, USDA , and Conventional mortgages in all 50 states -

If I do not respond to a follow up question please feel free to contact me directly
Message 2 of 9
New Member

Re: How Much Would I Qualify For, Looking for FHA

Thank you. I do live in a high cost area, California.

Message 3 of 9
Valued Contributor

Re: How Much Would I Qualify For, Looking for FHA

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

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Brian B The Loan Professor
Mortgage Banker - offering FHA, VA, USDA , and Conventional mortgages in all 50 states -

If I do not respond to a follow up question please feel free to contact me directly
Message 4 of 9
New Member

Re: How Much Would I Qualify For, Looking for FHA

Roseville, Placer County

Message 5 of 9
Community Leader
Super Contributor

Re: How Much Would I Qualify For, Looking for FHA

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).

Helping people with Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
In Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Message 6 of 9
Valued Contributor

Re: How Much Would I Qualify For, Looking for FHA

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%

 

 

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Brian B The Loan Professor
Mortgage Banker - offering FHA, VA, USDA , and Conventional mortgages in all 50 states -

If I do not respond to a follow up question please feel free to contact me directly
Message 7 of 9
New Member

Re: How Much Would I Qualify For, Looking for FHA

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.

Message 8 of 9
Valued Contributor

Re: How Much Would I Qualify For, Looking for FHA

 

 

 

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

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Brian B The Loan Professor
Mortgage Banker - offering FHA, VA, USDA , and Conventional mortgages in all 50 states -

If I do not respond to a follow up question please feel free to contact me directly
Message 9 of 9
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