how much income should you have per month with a credit score of about 705, in order to get e home loan for about 110,000
2007-02-12 07:05:02 · 3 answers · asked by pooh bear 4 in Business & Finance ➔ Credit
Rule of thumb is to make 3x's your monthly payment. That is what banks like to see. So if you payment is going to be 500, you should make 1500 a month to be on the safe side.
http://www.bankrate.com/brm/mortgage-calculator.asp
you can use this motgage calculator to see what your payments might look like
2007-02-12 07:13:38 · answer #1 · answered by Learn2LoveMe 4 · 1⤊ 0⤋
you can have an 800 score and not afford home at this time. HOW much outstanding debt do you have and how much do you earn? What you owe monthly is taken into account as part of your debt to income ratio that an underwriter will look at. Or you go on a stated income program with a much higher rate. NEED More info than you have supplied.
I am a mortgage banker in TN & KY
2007-02-12 07:38:18 · answer #2 · answered by golferwhoworks 7 · 0⤊ 0⤋
You can use a basic stradegy thats sais..
You should take 2.5 x your income and then add your down payment to that to see how much you can afford.
So... if you are putting 10k down on your loan, you should be somewhere around 35k total.
2007-02-12 07:45:17 · answer #3 · answered by Anonymous · 0⤊ 0⤋