I am going to get a job and move, but i want t oknow about how much I might get so I can start looking ahead oftime to get an ide aofhte location and area I will be able to afford.
2006-08-28 07:55:02 · 8 answers · asked by phonics808 2 in Business & Finance ➔ Renting & Real Estate
Go to http://www.bankrate.com/ and look for CALCULATORS. There is a calculator for how much you can borrow. Put information and get the results
2006-08-28 09:28:44 · answer #1 · answered by Roller L 1 · 0⤊ 0⤋
Hi there, if you know where you are going to move, contact a mortgage specialist in the area. They will probably go over your credit report, and ask you your income. Most places though will require a 12 month history in the place, if you have bad credit. I recently tried to look into looking for my first home, but because of my credit rating, I have to wait at least a year to see if it can come up. Then once your credit history is good, they will look at your income level and determine from there your affordability. With my income, and with all my current bills I have, I was only able to afford about a $100,000 home. Not much, but I could probably get a fixer-upper home or a cheap condo for that price...better than renting! =) Good luck!!
2006-08-28 08:03:19 · answer #2 · answered by aloneinga 5 · 0⤊ 0⤋
you can get prequal'd from any broker. you'll need to provide some of your information and from there you can see what dollar amount you'd be able to receive. your salary plays SOME part in all of this but it's more of how your credit is really. better the credit, the more you'll be able to borrow. you can just pick a house willy nilly in the neighborhood you'd like and see what the dollar amount for it is. then you can see if your loan would be able to cover that if you're looking for a partricular area or house that you;'re interested in.
2006-08-28 08:01:14 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Go to a lending company and let them help you with this question. They will be able to give you some idea of what you can borrow. You also need to assess your debts, how much it costs you for food, utilities, clothing, and other essentials, and with that information and the lending company's assistance, you will have a clearer picture.
2006-08-28 07:58:21 · answer #4 · answered by Anonymous · 0⤊ 0⤋
These are the guidelines:
1/ The mortgage pymts shopuld nto exceed 28% of your gross income.
2/ debt to incoem ratio should not exceed 40%.
3/ The loan amount to gross income should be 3:1
2006-08-28 09:56:15 · answer #5 · answered by boston857 5 · 0⤊ 0⤋
Meet with a lender. You just need to give them your basic information on your income and debts and they can come up with what you can "afford." Just tell the person that you don't want your credit pulled (or just don't give them your social security number).
2006-08-28 09:36:58 · answer #6 · answered by trblmkr30 4 · 0⤊ 0⤋
"trblmkr30" had the right answer.
Some lenders can pre-qual you over the phone in about 10 mins or so.
I have many referrals if you would like them.
Thanks,
Kevin
Licensed Realtor
http://www.kevinscolastico.com
2006-08-28 10:59:08 · answer #7 · answered by kevin s 2 · 0⤊ 0⤋
Go to the bank for a consulation, it is free!
2006-08-28 08:29:43 · answer #8 · answered by kathy T 2 · 0⤊ 0⤋