approved for?????
2007-01-17 19:40:38 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
This is the question you will have to ask your lender. There are other factors that need to be considered, too. Depending on your other payments...car, credit cards, etc...that will give you your eligibility factor. Also, if your employers reports that you have a positive work record and will continue to be employed...
They usually ask for up to 35% -50% of your income, per month, for house payments. Depending on the interest rate, this can change the numbers considerably.
Check around for the best interest and financing plans, but be careful. The more they check your credit report, the more your credit score goes down. Don't let them do it, just tell them what you know and have them go from there until you actually apply. Beware of scam mortgage companies, I think you are good enough to go to a local bank.
Good Luck!
2007-01-17 22:23:13 · answer #1 · answered by Barbara 5 · 0⤊ 0⤋
Ask your real estate agent to calculate this for you. Don't get your credit checked before you are ready to buy, this will lower your overall score.
Like the previous answer said we would need to know what other debts you have to give you an answer.
If you have no other debt, then you would qualify for a payment on your house, plus, taxes, insurance, HOA fees at around $1350. per mo.
Depending upon your credit score etc. will depend upon what rate you are going to be charged.
But for fun, lets say you have no debt and good credit. If you also have some down payment then you will add the amount down to the loan amount you can qualify for. But with that being our guestimate formula. You will qualify for a loan in the amount of $165,000. Add your down payment and there is your guestimated purchase price, based upon zero debt and good credit.
2007-01-17 23:08:43 · answer #2 · answered by Anonymous · 0⤊ 0⤋
with a 650 and 45k a year it depends on your debt to income ratio or DTI . also it depends on the kind of loan i have a similar situation but i did a interest only loan and i qualified for a lot more house .
2007-01-17 23:10:31 · answer #3 · answered by J g 2 · 0⤊ 0⤋
You can prequalify for roughly $125k - $150k...variable depending on the amount that you can pay per your debt to income ratio....
2007-01-18 01:18:00 · answer #4 · answered by boston857 5 · 0⤊ 0⤋