Posted on: 27th Jul, 2009 10:48 am
Hi,
i am planning buying a home in northern viriginia area, i am planning this for first time in my life. I know little basics like what credit score, what kind of mortgage and how much loan i get in theoritical values.
I want to know if my salary is (example scenario) 50k last year and this year( from past 7 month) i have been collecting around 6500 gross income( my wife will start working from this month). I want to buy a home not exceeding 320k, i can down pay 10%, my credit score is around 770.
Do you think i am eligible for getting a loan for 290k?? . one of friend with 90k salary and very good credit score got a loan for 450k( i thought if salary is 90k, one is eligible for only 270k.)
Please advise if it is possible for me to take loan for 300k with my example numbers.
i am planning buying a home in northern viriginia area, i am planning this for first time in my life. I know little basics like what credit score, what kind of mortgage and how much loan i get in theoritical values.
I want to know if my salary is (example scenario) 50k last year and this year( from past 7 month) i have been collecting around 6500 gross income( my wife will start working from this month). I want to buy a home not exceeding 320k, i can down pay 10%, my credit score is around 770.
Do you think i am eligible for getting a loan for 290k?? . one of friend with 90k salary and very good credit score got a loan for 450k( i thought if salary is 90k, one is eligible for only 270k.)
Please advise if it is possible for me to take loan for 300k with my example numbers.
i appreciate your thoughts.
you have good credit score. next thing is debt to income ratio you need to maintain it in the range of 28% for a mortgage loan.
you can refer http://www.mortgagefit.com/calculators/howmuch-afford.html for checking your limits on mortgage amount
you have good credit score. next thing is debt to income ratio you need to maintain it in the range of 28% for a mortgage loan.
you can refer http://www.mortgagefit.com/calculators/howmuch-afford.html for checking your limits on mortgage amount
Hello,
You can afford a house around 200k, with the info you provided.
When you say this year you are getting $6500 gross... do you get a salary or commission, or other.
Let me know
Eric
You can afford a house around 200k, with the info you provided.
When you say this year you are getting $6500 gross... do you get a salary or commission, or other.
Let me know
Eric
Thanks for your responses, i get that amount in salary and my wife will start earning this month but i not sure how mortgage people take that into accound
according to the link provided by kent mark, for 300k loan, i need around 6700 gross, But livinginnky was telling i can get only 200k loan with 6500$ gross.. confused!!
i am also in the same boat, i am planning to go to banks like wachovia, bofa, weicher?? which one of them is best orelse we need to go to some other mortgage lender???
mailboxofarjun
Which bank is good cannot be said by lookign at the name
You would want to talk to some of the brokers on this forum, who may be able to help you better
Good luck and feel free to ask
Which bank is good cannot be said by lookign at the name
You would want to talk to some of the brokers on this forum, who may be able to help you better
Good luck and feel free to ask
ok thanks for the advise.
I Can Help With Your Mortgage!
I would love to assist you. Email me back, and let's discuss!
MSmith@PrecisionFundingUSA.com
M
I am on line now!
I would love to assist you. Email me back, and let's discuss!
MSmith@PrecisionFundingUSA.com
M
I am on line now!
looks like you misspelled your email address