What would my income have to be to qualify for a 360k mortgage?

Question

What would my actual income have to be ? Foget about other debts, assume this was my only payment besides a modest car payment.

And approximately what would my monthly payments be using an average interest rate these days, not including taxes an all that stuff. Just an average.

Thanks!

Answer 1

Depends upon your credit and how much down you're putting. Assuming you've got good credit and you're not stupid enough to want to pay three points to buy the rate down, as of Friday I had 6.00 percent on a thirty year fixed for one point for the first 80% of the property value, so if you are putting 20% down, the payment would be $2158.39. Homeowner's Insurance will be about $110 in my area, and taxes on a $450,000 property in California are about $469 per month. $2737.39 would be your total housing costs. A paper limits Debt to income ratio to 45 percent in most cases, so you'd need a monthly income of $6084 to qualify, or approximately $73,000. Since you said you have a car payment, add 2.222 times whatever your monthly car payment to your monthly income requirements.

Answer 2

Lender will give you money for sure. Probably charge you a higher interests rate and extra insurance on the loan for not having enough income.

Would you consider delaying your plan? As housing market continues to slump, it might save you 10% simply by waiting for a few months. Another way to look at it, you can increase profit by 10% when you are ready to sell it.

http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514

As housing market continues to slump, if you don't plan to delay your plan, please interview several and pick a good realtor or agent.

Bad ones will talk you into buying the largest property at your credit limit. Good ones will find you a good deal (Sellers are offering discount and incentives now).

Try to stay away from Adjustable Mortgage, because 30 year fix mortgage rate is very low right now. There is no reason to use Adjustable loans except fatter commission for loan agents.

Interests only loans are not good iether. Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it. If you want to use interests only loans, might as well rent, especially during market downturn, because housing price won't appreciate.

Finally, for tax benefits, talk to your CPA or tax accountant. Do not consult finance with realtors or agents. They get commissions when you sign the check!

Good luck!

Good article when you want to put in bid, negotiation.
http://biz.yahoo.com/brn/060909/19463.html

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Different perspective:

It is a myth that renting is always worst off than buying.

Rent vs. Buy as Housing Market Continues to Slump

As housing market slump, it is easier to calculate "Rent vs. Buy" scenario. Because "appreciation" is no longer a factor.

Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it.

If interests portion of the mortgage payment is roughly equal to rent of equivalent property, then it is a decent buy.

For example, let's buy a $500,000 condo with 0% down and apply interests only loan (just like renting a place). Mortgage payment would be $3250/month. It is a bad buy, because you can enjoy same property for $2000/month.

Please note that I assume the tax benefits from home cancel out fees from home association and property tax. For more accurate calculation, consult with your CPA or accountant. But NOT your realtor, whom will say anything to get the deal to go through.

And again, if you like a particular property, then paying more may be reasonable. You are the only person who can decide how much more premium you are willing to pay.

Answer 3

Just over 100k. You generally will qualify for a mortgage about 3 to 3.5 times your annual income.

Answer 4

If you visit www.JustgetALoan.net there a free calculators in which you can use, apply online for a mortgage and get approval within hours. You can also enter to win a free mortgage payment.
als you can speak to me at 866 530 7300 ext 7305 or email me at [e-mail]

Answer 5

really depends on the Mortgage Broker you chose to work with
anywhere between 72k to 100k
But with interest only, could be much less than that..

http://deal-save-online.com/mortgage-loans.html

Answer 6

I often end up writing the same question on other sites

Answer 7

Not really sure