2007-09-16 17:54:56 · 5 answers · asked by vic 1 in Business & Finance ➔ Renting & Real Estate
A 735 score is great, but that just states that you do pay notes back. It says nothing of whether or not you can afford to make the payment. How much you can borrow depends on your salary and debt. I'm sure someone else can do a more thorough job of answering this question, but basically, lenders look at two numbers: Your monthly payment must not be more than (I think) 28% of your monthly salary. On top of that, your monthly payment PLUS any other debt (car, student loans, credit card minimum payment, etc...) must add up to no more than (I think) 33% of your monthly salary. Figure it out by plugging in your own salary.
2007-09-16 18:07:42 · answer #1 · answered by eyedoc999 3 · 0⤊ 0⤋
It will depend on how much you make.
It also depends on where you are located and how much homes sale for.
10k may be 5% or it could be just enough for closing costs?
More info is needed.
For a more accurate answer check out
http://www.aimwithfocus.com
2007-09-17 01:08:46 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Credit's pretty "tight" just now... -But if you throw in your Mother-in-law & you're borrowing towards a House- you MIGHT get a 100K loan from the bank... There's always HOPE- anyway...
2007-09-17 01:08:10 · answer #3 · answered by Joseph, II 7 · 0⤊ 0⤋
Without knowing your income or anything about your other debts, even a mortgage lender couldn't answer that question.
2007-09-17 01:14:50 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
It depends on your income, your debt and the value of the property.
2007-09-17 10:24:26 · answer #5 · answered by Landlord 7 · 0⤊ 0⤋