How much should I expect to get approved for with a 650 credit score and a $55,000 salary?

(1) | asked by: Mitch Bolander | share | 28 months ago | Report
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answer by Christine Valvano   |   Visit My Website   |   Contact Me
You need to meet with a mortgage broker. There are some to recommend here in Taos, NM
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1 month ago  |   Report   |   share
sylvia wells
answer by sylvia wells   |  
How much should I expect to get approved for with a 650 credit score and a 56,000 salary
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1 month ago  |   Report   |   share
answer by Eric Kredatus   |   Visit My Website   |   Contact Me
Depends on the loan amount. Debt to income ratio. I would recommend paying off all debts first.
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1 month ago  |   Report   |   share
answer by John Wiley   |   Visit My Website   |   Contact Me
Credit score and Salary are only part of the information needed for a Lender to determine the amount they will approve you for a home loan. The best starting point when you want to purchase a home is to contact a Real Estate agent in the area you are interested in buying a home in. They can give you information on what the market is doing. But more importantly they know Lenders who give quality service. They can suggest some Lenders for you to talk with. The lender will then be able to get the information they need in order to give you a pre-qualification letter. That letter will tell what amount you can plan on when looking for a home to buy. If you need suggestions for a dependable agent in your area, contact me and I will provide their contact information. Best wishes.
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2 months ago  |   Report   |   share
answer by Tammy Bohannon   |   Visit My Website   |   Contact Me
Once you contact your lender, they will let you know.
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2 months ago  |   Report   |   share
Steven Kirkland
answer by Steven Kirkland   |  
Good day to you Sir/Madam How are you doing? I wish to humbly inform you that we render all kinds of financial services, so if somehow along the line you need our assistance, you can count on us because we will be willing to assist you especially in the line of credit and loans. If you are interested contact us as soon as possible via or text us via mobile phone: +18434058460 DON'T MISS OUT THIS GREAT OPPORTUNITY! Have a good day. Mr. Milton
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2 months ago  |   Report   |   share
answer by Gary J. Martinez   |   Visit My Website   |   Contact Me
The good news is that interest rates for mortgages are at a historical low. A good mortgage lender will need to know your credit score plus your employment history for the past 2+ years and your income. If you are hourly or salary is will be simple to qualify you. HOWEVER, if any part of your income is commission it becomes much more complicated. Other pitfalls for quaifying are actual property taxes for the property you select & homeowners insurance cost and Home Owner Association fees (HOA) these expenses are calculated in your total housing expense. In addition, your loan payments, credit card payments. If you have any unpaid collections or judgements, please settle them or pay them in full. Lenders also like to see a history of savings. It would be my honor to assist you. Please contact me anytime 505-550-0277.
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26 months ago  |   Report   |   share
answer by Joe Maez   |   Visit My Website   |   Contact Me
It all just depends on what your debt to income ratio is. Some of the most aggressive lenders that I know will take buyers with 580 mid scores or better. Your debt to income ratio will depend on how many monthly expenses you have. Qualifying will also depend on how long you have been at your current job. 2 year at least. If not 2 at the same place of employment you should have 2 years in the same line of work. There are also several different programs to choose from depending on if you currently own a home. Every situation is different.
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26 months ago  |   Report   |   share
answer by Lana Lavenbarg   |   Visit My Website   |   Contact Me
It isnt just your credit score and income that you get approved for a loan with. They want to see any bills per month - find out what type of monthly payment you will be comfortable with and where interest rates are. A lot of different things to find your answer!
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26 months ago  |   Report   |   share
answer by Annie Snow   |   Visit My Website   |   Contact Me
You might speak with a local Leander for more info.
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26 months ago  |   Report   |   share
lawrence romero
answer by lawrence romero   |  
how much can i expect to get approved for with a credit score of 730 and salary of $80,000 90% tax free income.
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27 months ago  |   Report   |   share
answer by David Stafford   |   Visit My Website   |   Contact Me
You should be able to qualify for whatever home's payment will keep your total monthly debt under about 40% of your gross income. So, pull your credit report (can get 1 free per year from each - Equifax, Transunion, Experian) by going to AnnualCreditReport dot com. Add up all of your monthly obligations that show up on that report and subtract that from 40% of your monthly gross income, which is $1833, the result is the total PITI pmt you will be approved for. For example, if your total monthly debt right now on your credit report is $833, you will likely be approved for right about $1,000/month, which will include your principle, taxes, insurance, and PMI... so with rates at about 3.75%, you could qualify for a typical home of about $160K, if you put the minimum 3.5% down, meaning you will need at least $6K to get into it. I would then shop up to about $175K, assuming you can negotiate the sellers down (with the right agent on your side, of course). I would be happy to meet with you in my office to pinpoint this amount and then point you to the best mortgage deals in town, and then find you the best house we can for that money. I can also just email you a spreadsheet calcluator I created that you can just plug your numbers in and it will tell you your answer. Contact me directly for either. Happy house hunting, now is the time to buy my friend! --- David Stafford
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28 months ago  |   Report   |   share
answer by Archie Saiz   |   Visit My Website   |   Contact Me
There will be other variables that a lender needs to consider which will determine the debt to income ratio. They will take into account car payments, credit card debt, revolving lines of credit. Derogatories or collections on your credit report will also be a factor. The best thing to do would go to a reputable lender and let them pre-approve you. FHA and VA give more flexibility in the debt to income ratio. Roughly speaking at 55K a year with little or no debt you might qualify in the range of 125K to 140K. If you need some names of some reputable lenders give me a call. Archie 505-250-7286.
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28 months ago  |   Report   |   share
Patricia Blackwell
answer by Patricia Blackwell   |   Contact Me
A lot will depend on your debt to income ratio. To get an exact answer you should talk to a local lender. After that it is very important to know how much you want to invest every month on your home. It may not be as much as you qualify for, so that would be great.
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28 months ago  |   Report   |   share
Patricia Blackwell
answer by Patricia Blackwell   |   Contact Me
A lot will depend on your debt to income ratio, but more importantly, how much would you like to spend on housing every month? There are a lot of great local lenders that can give you a precise answer. You should get pre qualified before you begin to look so you will narrow your search to those homes you will feel fit with your budget.
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28 months ago  |   Report   |   share
answer by Gene Hellums   |   Visit My Website   |   Contact Me
This is just an estimate, but if you have no other debts, you would qualify for a loan amount of around $167k. You credit rating will put you in the ballpark of around 5.5%. Again, these are estimates based on experience. Only a qualified mortgage broker could tell you for sure. It would be worth exploring a credit repair service. If you can get your score up, this can translate to thousands saved down the road. Just use a reputable agency that charges a flat fee.
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28 months ago  |   Report   |   share
Michelle DeLaHunt
answer by Michelle DeLaHunt   |   Contact Me
Please call Dan Flowers at Hometrust Mortgage. He handles all programs and will be able to point you in the right direction. Michelle DeLaHunt Equity New Mexico (505)331-4581
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28 months ago  |   Report   |   share
answer by A. Peter Veres   |   Visit My Website   |   Contact Me
Best thing to do is get a pre apporval from a local lender. There are a few variables that will effect the total dollar amount, mainly your debt to income ratio. Please call me if you need help. thanks!
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28 months ago  |   Report   |   share
answer by Rose Davidson   |   Visit My Website   |   Contact Me
I would love to hook you up with a great loan broker! So much factors in and there are many options for loans that you really need to be talking to a lender.
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28 months ago  |   Report   |   share
answer by Thomas Gallegos   |   Visit My Website   |   Contact Me
Good Day! The amount you qualify for will depend on your current revolving (credit cards), auto, bank and student loans you may have. With out any debt you will probably qualify for more than you'd like to spend, as much as $350,000. I have been in Albuquerque real estate for 19 years and work with the best lenders in the business. Contact me at your convenience to get you started. Tom Gallegos Coldwell Banker Legacy 10400 Academy Rd. NE
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28 months ago  |   Report   |   share
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