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How much did you qualify for

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How much did you qualify for

Hello all, 

I am just trying to get some information on salaries and how much you were approved for when you applied for your mortgage. 

I understand that alot of variables come into play but just trying to get a ballpark idea.

 

Ready, Set, Go!

 


gardening until January 2018
14 REPLIES 14
Established Contributor

Re: How much did you qualify for

Following to see if anyone will post. There are a lot of variables.
Message 2 of 15
Member

Re: How much did you qualify for

so lots of things to look at credit score current debt income- so in my case i make 150k  base salary ( didnt include bonus or stock options) have solid scores 780/779/803  i have 2100 in debt ( mortgage and car loan) with credit utiliization on cards at 6% with 81000 available credit based on those factors i qualifed for 630,000. lots of good apps out there to help you get in the ball park

Message 3 of 15
Valued Member

Re: How much did you qualify for

Hi there,

 

I would suggest calculating your DTI and seeing what you might qualify for from 32% to 45%. That's about as best you'll be able to do without a prequal letter. Any replies in this thread won't be much a help for your specific scenario. I can tell you right now that I recently got preapproved with similar qualifications as the poster above, and I was preapproved for almost double the above said amount. Small details equate to very large differences in lending amount. Good luck!

Message 4 of 15
Super Contributor

Re: How much did you qualify for

easy way to see if you are in the ballpark

 

conventional allows up to 45% dti

fha allows 50% (maybe more)

 

 

take gross salary... lets say you make $50,000/yr

50,000/12=4166

multiply your monthly income by .45% (lets just do this example conventional)

4166*45%= $1,874

 

1874 is max debt payments including mortgage payments.

so, if you have have $1000 in car note + credit cards + student loans....

you have $874 left for house payment

 

house payment varies greatly by area. because taxes and insurance. but you can calculate p&i with online calculators and look up taxes online for most areas. or ask your realtor for a tax factor to use

 

Retired Lender
Message 5 of 15
Established Contributor

Re: How much did you qualify for

I will play just in case your just collecting statistics.

Up to $200,000 preapproval. 662 mid score. $87000 w2 income. Purchased at 161,900. I liked that payment amount. $1034.00 30 year fixed 4%.
Message 6 of 15
Moderator Emerita

Re: How much did you qualify for

As indicated above by DallasLoanGuy and others DTI and income are your main factors. The same payment buys different homes in different markets.  You can have two people with the identical gross income and one has no other debt besides the impending mortgage (person A) and the other has lots of cc debt and two car loans (person B). Person A will qualify for the mortgage and person B may not qualify at all due to the extensive current debt.  To complicate matters: if you are in a high property tax or high insurance premium area, then the amount of mortgage will be reduced even if the payment is the same as someone in a low-cost area (low taxes and low insurance).

 

What really matters is what you qualify for given your income, your debt and the cost to carry your mortgage in your geographic area. 

Message 7 of 15
Established Contributor

Re: How much did you qualify for

This person never said they were applying for a mortgage....just interested in data.
Message 8 of 15
Moderator Emerita

Re: How much did you qualify for

lol...you are right Firemediii Smiley Embarassed  I see now that they are in the garden until Jan 2018.  I'm sorry OP. 

Message 9 of 15
Established Contributor

Re: How much did you qualify for

I think it is great advice but I think they are just curious Smiley Happy
Message 10 of 15
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