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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.
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.
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!
You might speak with a local Leander for more info.
how much can i expect to get approved for with a credit score of 730 and salary of $80,000 90% tax free income.
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
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.
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.
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.
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.
Please call Dan Flowers at Hometrust Mortgage. He handles all programs and will be able to point you in the right direction.
Equity New Mexico
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!
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.
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
It will depend on what your other debts are. You need to talk to a lender and have them pre approve you for a loan. I offer a no cost no obligation review and can tell you what you will qualify for. Give me a call if you have any questions.
It is all dependant on your monthly debts. If you have an income af $55K and no debt you are looking at around $300,000, give or take.
Your outstanding revolving credit will affect your loan capabilities but if you do not have any debt you will easily qualify for over $250,000 which will include Principal, Interest, Taxes, Mortgage Insurance, and Hazard Insurance.