How big of a mortgage can i get?

Question

I only make about 33,000 per year

I would have roomates who would sign a lease for at least 6 months

my credit score it probably about 750

i could have parents cosign that have excellent credit

Answer 1

with a credit score of 750 you will qualify for just about anything that is almost the best a credit score will go. the loan company wont consider you have roommates so you will probably have to stay with 50-75,000.00 i work with a mortgage guy and he says thats a super score. keep up the good work your not going to need a cosigner.

Answer 2

"probably about 750" raises some red flags.... pull your creidt and know for sure.

with your score you could do a no-income verification if you didnt' qualify for 'enough house' on your own.

With an income of 33K, you make 2750/month. (This should be gross, btw). You can usually use up to 45% for debts--- which equals about 1250 a month.

If you have a car payment, credit cards, etc, that is deducted from your house payment.

But if you dont--- Now just figure out that a good loan is around 6.75% right now--
So a $150K house, plus $1500 a year in taxes and $600 a year in insurance is about what you can afford.

You might need a co-signer if that's not enough in your area.

Answer 3

If you have good credit as you state, you should be able to get a maximum loan for $142,000. But that is using maximum of 36% of your gross income for a 30 year 8% mortgage.

NEVER max out the amount you can borrow as it could hurt you if you lose your job or have a major expense to the home. What if the furnance dies, roof leaks, water heater dies, etc. You want to be able to pay for these expense as they happen - not have your money all tied up in a mortgage payment. Also, the rent your roomates would pay would be a good nest egg for emergencies.

Also, you will want to put 20% or more down to avoid PMI - private mortgage insurance. A lender will require this if you finance 80% or more to cover them if you default on the loan. And to get PMI off the loan once you reach 20% equity is difficult. My brother had to wait two years to get it off and it is not refunded retroactively.

Try to buy on your own and not burden you parents by cosigning. Co-signing cause friction in 75 to 80% of the cases. It also reduces their ability for flexability. Ask them for downpayment help by gifting you money tax free. Both parents can gift you up to $10,000 each.

Answer 4

Find a Mortgage broker in your area you feel comfortable with and work with them. How much you can borrow and how much you can afford is two different sides of the same coin be informed and ask questions Also follow your insticts if something doen't seem right keep asking questions until your at ease or find someone else.

Answer 5

most lenders will allow 3x income so you would be 33x3= 99 thousand !!

the best thing is go to a lender and go from there

good luck

Answer 6

It depends on you debt to income ratio. You can get a mortage but if you small bills are eating up your income it kills a mortage.

Answer 7

Hi, use any of these online tools to find out how much you can get and the possible interest rates:
http://goaddr.com/8rt
&
http://goaddr.com/8r6

Answer 8

I'd say you ought to be able to walk out with ah say 10,000,000 or so