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