approved for????????
2007-01-17 19:43:40 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
It depends on many things besides your credit score but in general:
1. Your total monthly mortgage/tax/insurance payment for the house must not exceed 1/3 (33%) of your monthly gross pay. Since your monthly gross pay is $45,000/12 = $3750/mo.; a third of that would be $ 1250. Some lenders use the 28% rule, not 33%; in that case your amount will be only $1050.
2. Go to the page from the first link below and fill in a few blanks; it will calculate the varying home prices that you can afford (depending on the mortgage duration and type). The mortgage amount is the home price less your down payment.
3. Read the CNN article from the second link for more details and advice.
2007-01-17 20:24:04 · answer #1 · answered by Anonymous · 0⤊ 0⤋
650 is good enough to get a mortgage. You can usually afford a home worth 3x your income. Say, in the $150k range. Call a mortgage broker; they will have tons of options for you.
2007-01-18 07:36:43 · answer #2 · answered by Kevin K 3 · 0⤊ 0⤋
Go to this link and click on the banner at the top and fill out the requested info. You'll get quotes back from at least three major lenders. Good luck!
http://loan.divinfo.com/
2007-01-18 05:32:31 · answer #3 · answered by Anonymous · 0⤊ 0⤋
actually you have a good fico score and you have an average income, so definitely there will be a lot of good programs for you!
as to how much you may get, it depends on the equity your home have.
why, what state are you in?
2007-01-18 03:51:24 · answer #4 · answered by athenz 1 · 0⤊ 0⤋
How much home do you want. There are so many programs available that just about any want can be satisfied.
2007-01-18 10:19:14 · answer #5 · answered by CALIFORNIA GOLD 3 · 0⤊ 0⤋