Can a person with an annual gross of $65,000-$70,000 qualify for a $350,000 house?

Answer 1

Potentially yes, with creative financing, but it depends on a lot of other factors, such as credit history (e.g. your FICO credit score), other debts (credit card balances, student loans), etc. Consult a few mortgage brokers in your area to consider your options.

Answer 2

Yes -
Your income is 65,000 (divide by 12) = 5,416.66 month

House 350,000 = Payment 2328.56 based on 7 percent fixed 30 year. There are also 40/50 yr programs available, to lower your payment , or do a interest only program for 5 years or 10 years, than after the 5 yr or 10 yr the rate goes up.) Talk with your Broker on the best program for you. Some I/O programs, are interest only programs, but they are fixed for 2 years, and adjust up at 24 months, and again at 61 months = but it is still interest only. Not paying anything on principle -

5416.66 - 2328.56 = 3088.10 left
3088.10 - Home Owners Insurance 120.00 mo and property taxes of 800.00 mo (just an estimate - ok) 3088.10 - 120.00 & 800.00 leaves you 2168.10 month for other bills. So what you need to do is decided what other bills you have to get to your DTI (debit to income ratio). I know it can be confusing...

DTI - on conforming deals is 45 percent to 50 percent - Sub-prime lenders go up to 55 max DTI.

Would recommend you get qualified by a broker - Why a Broker: Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score.

Also: It greatly depends if you need help with closing cost, (The seller could do Seller Help toward your closing cost). If that is the case, I normally tell my clients NOT to hackle over the price, since you are asking for closing cost help - especially if the home is thru a realitor, and the seller has to pay the realitor their fee which runs from 2-6 percent of the selling price, and you ask for 3-4 percent toward closing cost -assistance) Follow me so far??

By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). This will tell you the up-front closing cost (etc) associated with your loan. This is a estimate only - not the final - but it does help you figure things out.


Good Luck, and if I can help in any way check out my web site, for links to all the credit reporting agency's and other useful information.

Answer 3

Well then...it seems everyone thinks that buying a home has everything to do with the down-payment.

Let's get one thing straight here. Yes, a down-payment is nice, but if you don't have it, there is still help out there for you.

This type of loan is absolutely approvable. Of course credit is going to come into play. But with the right lender you will be able to find the right product and get the home that you are currently looking at.

If you would like more information on this, then feel free to contact me at timothy.kazee@americanhm .com and we can talk about this. This is something that is possibly quite easy to overcome.

I will look forward to talking with you.

Answer 4

They can qualify but may find that the payments take most of their money. The payment will be 30% or more of their take home pay (depending on interest rates, 401k, etc.) if they have a 30 year lown. Also realize that the interest can end up being more then the cost of the house for long loans with high interest rates.

Answer 5

depends on how much you put down, and who the lender is

a good rule of thumb is that many lenders are happy to lend when the monthly payment is 25-30% or less of the monthly income.

at an interest rate of .07, and a downpayment of $35,000, the monthly payment (interest and principle, not taxes etc) will be about $1900

monthly income at at ^69,600/yr is $5800

1900/5800 = .33 (this might be do-able with the right lender and everything else perfect, but it is on the edge)

Answer 6

Depends, do you have any other debt? Owe money on credit cards? student loan? car loan? Do you have good credit or any credit? If you don't have more debt and a good credit score, then yes, you probably will qualify.

However, I have a household income of 75K and a $200K house and no kids and no other debt. Don't expect to take vacations every year. You will be stretching your dollars.

Answer 7

Absolutely no problem. Depends on how long you've been at your job; how much you put down; and in what state that you live in. But you put 20% down or get a qualified loan, you're in the money! Good luck.

Answer 8

It depends how much you have saved, and how high your credit rating is. If you have enough for a good down payment in cash ($10,000 at least) and good credit, I'm sure you'll get a mortgage.

Answer 9

Ya, I think that you will be able to, BUT,
Go check with a RealEstate Person.. ie Century 21, Remax,
or, some reliable company..

Good Luck.

Answer 10

Depends on the size of the down payment!