Posted on: 09th May, 2011 04:27 am
Knowing what you qualify for depends on much more information, such as the type of income you recieve, W2, 1099 or self employment, whether you pay or receive child support, your credit score, your credit profile, years on the job, loan program, down payment, ect. But given that you have verifiable income to support these amounts, and a credit score of at least 640 for FHA financing, a loan of 200k would be the max this income could support. An underwriter will take 45% of you income which is $1,387 and less taxes and insurances, the max debt you can carry even with a mortgage is $1,087...Which would be your mortgage, and all your other debt included. So if you have any debt payments, you loan amount that you qualify for would go down. Contact a loan officer in your area to get a pre-approval. Good Luck
Knowing what you qualify for depends on much more information, such as the type of income you recieve, W2, 1099 or self employment, whether you pay or receive child support, your credit score, your credit profile, years on the job, loan program, down payment, ect. But given that you have verifiable income to support these amounts, and a credit score of at least 640 for FHA financing, a loan of 200k would be the max this income could support. An underwriter will take 45% of you income which is $1,387 and less taxes and insurances, the max debt you can carry even with a mortgage is $1,087...Which would be your mortgage, and all your other debt included. So if you have any debt payments, you loan amount that you qualify for would go down. Contact a loan officer in your area to get a pre-approval. Good Luck
Hi susie_walker!
Welcome to forums!
In order to know how much mortgage you'll be able to afford with your income, check out the given calculator:
http://www.mortgagefit.com/calculators/howmuch-afford.html
I hope it will help you in getting an idea about the amount of mortgage you'll be able to afford.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
In order to know how much mortgage you'll be able to afford with your income, check out the given calculator:
http://www.mortgagefit.com/calculators/howmuch-afford.html
I hope it will help you in getting an idea about the amount of mortgage you'll be able to afford.
Feel free to ask if you've further queries.
Sussane