Any idea of how much my limit would be?
I'm 24 and don't know much about these things.
2006-12-13 10:10:29 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
You will absolutely be able to get a mortgage. Go to http://www.myfico.com/. This site gives you the avg interest rates for a mortgage based upon your FICO score and which state you live in.
As far as how much you can afford, that is dependent upon your current debt and your income. Go to http://www.bankrate.com/brm/rate/mtg_home.asp. This site allows you to enter #'s based upon your income, etc. The rule of thumb is your PITI (mortgage, association fees, insurance, etc) should not exceed 28% of your monthly income. For example, say you make $50k/year, your maximum PITI should not exceed $1166.66/month. However, that is different for all situations, some can afford less, others more. It's more about what you're comfortable paying.
2006-12-14 02:34:29 · answer #1 · answered by Anonymous · 0⤊ 0⤋
705 is a high Score. However, score is only one of many variables in a a mortgage loan application. Credit depth is a large part of the decision process. You might have a 705 with one line of credit that is a 100 dollar high. Do not expect to buy a house with just one line of credit. In addition the are ratios that are important to you "limit" payment to income ratios. Usually the percentage of your income for payment is 33%. Debt to income is also a factor. Your total debt in monthly payments vs your gross income. That ratios should be around 50%. Then there is job history. If you recently started you job is does not look as good as if you have been there a while. Hope this helps and Good luck House hunting is fun and you will always remember your first house.
2006-12-13 10:32:49 · answer #2 · answered by charles m 1 · 0⤊ 0⤋
1
2016-10-15 07:53:46 · answer #3 · answered by zipfel 1 · 0⤊ 0⤋
705 is good enough for most loans. The size of the loan is determined more by income and other debt than by your credit score. charles m gave a good rule of thumb on that issue. I personally recommend keeping payments lower than those guidelines.
2006-12-13 14:10:12 · answer #4 · answered by STEVEN F 7 · 0⤊ 0⤋
I agree with Charles' answer. Also, the percent you are putting as a down payment is a factor. I've been told that 720 and up is the highest group... so 705 is good.
2006-12-13 10:42:46 · answer #5 · answered by Laura M 2 · 0⤊ 0⤋
Your credit score is good enough for a A type loan but the limit depends on your monthy income.
2006-12-13 10:17:49 · answer #6 · answered by Michelle 4 · 1⤊ 0⤋
705 Credit Score
2017-02-23 13:11:42 · answer #7 · answered by ? 3 · 0⤊ 0⤋
You can get a loan I am sure but the amount would depend on how much money you make and how long you worked etc..etc..
2006-12-13 11:00:41 · answer #8 · answered by antiekmama 6 · 0⤊ 0⤋
Sounds really interested
2016-07-28 06:00:52 · answer #9 · answered by ? 3 · 0⤊ 0⤋
so amazed that I found this question already answered! its like you've read my thoughts!
2016-08-23 12:49:29 · answer #10 · answered by Anonymous · 0⤊ 0⤋