My wife and I are going from renting to owning soon. She is finishing her medical training and our household income is going up from 62K to 350k. Whenever you have a binding employment contract, will banks let you slide a little on a down payment. We do not have much in savings you see. Also, what kind of house ($$$) will a 4000-4500 mortgage payment get you these days (our credit is good). Just curious- this is a recent development. We will obviously be consulting with a financial planner soon.
2007-05-24 02:33:22 · 5 answers · asked by karmawise 1 in Business & Finance ➔ Renting & Real Estate
With that level of income, I will assume that your wife is about to obtain her MD. Generally speaking, lenders are more generous with criteria for those holding a medical degree of that caliber, since they are fully aware that she possesses the ability to generate substantial incomes.
At current interest rates, you should be able to purchase in the $600,000 to $700,000 range. Not knowing your area, it's not possible to tell you what quality of house this amount of money will buy.
2007-05-24 02:42:05 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
The factors that go into how a mortgage in order of important..
1. Income.
2. Down payment
3. Credit Score
4. Debt to income ratio
Since your income is great, the banks will be more flexible with the downpayment. however, you still may end up paying a higher interest rate on part of that mortage if you cant get 20% down. so to answer you question, the banks will let you slide a little in you have excellent income.
And as far as your question about what a 4000-5000 mortgage payment will get you.. that all depends where you live. Gernally speaking that monthly payment would be on a mortgage somewhere around 500000-600000k. So if you live in Texas you could buy a mansion with 20 acres, but in Manhattan in barley buys you a decent 1 bedroom apartment.
2007-05-24 09:39:14 · answer #2 · answered by Anonymous · 0⤊ 0⤋
There are many programs that can help you with a down payment for the first house that you are buying. Many allow you to have only the closing costs included in your responsibilities for the purchase. The cost of the monthly payments versus the type of house that you will be able to receive will vary greatly depending on where you are located. A house in California could be much more than a house in Tennessee.
2007-05-24 09:37:51 · answer #3 · answered by livingdeadgurl 3 · 0⤊ 0⤋
Hi, i am a loan officer and i would like to help you. We offer programs of up to 100% financing. No income verification available only need to verify your job. Email me for more information. Jackpujols@amsmtg.com
2007-05-24 11:03:15 · answer #4 · answered by jackselpujols 1 · 0⤊ 0⤋
income is important but you debts counts against you.
2007-05-24 09:55:57 · answer #5 · answered by ron d 3 · 0⤊ 0⤋