Posted on: 05th Oct, 2006 08:50 am
I was hoping to get a rough estimate of the maximum loan amount I would qualify for. I understand all about standard DTI, but I was looking for a best-case-scenario max value.
Here's my background:
State: NJ
Monthly gross income: $8,750
Monthly debt: $230 installment loan
Credit score: 760
Cash: Enough for closing costs and few months reserve (i.e., zero down payment).
Desired Mortgage: 80/20
Minimum stay: 5-7 years
Here's my background:
State: NJ
Monthly gross income: $8,750
Monthly debt: $230 installment loan
Credit score: 760
Cash: Enough for closing costs and few months reserve (i.e., zero down payment).
Desired Mortgage: 80/20
Minimum stay: 5-7 years
Hi,
I think you should provide the property value you are looking for, then it will be more suitable to provide you with an estimate of the loan amount you would be able to qualify for.
Thanks
Leslie
I think you should provide the property value you are looking for, then it will be more suitable to provide you with an estimate of the loan amount you would be able to qualify for.
Thanks
Leslie
approx: $425,000 -- $8,400 annual taxes.
Hi Anxious,
Leslie is absolutely right. It required property value to calculate the borrow amount. By taking an approximate property taxes amount, i think you can borrow an approximate of $115,000.
But the actual figure you can get from the lender to which you are willing to take the loan.
Thanks
Leslie is absolutely right. It required property value to calculate the borrow amount. By taking an approximate property taxes amount, i think you can borrow an approximate of $115,000.
But the actual figure you can get from the lender to which you are willing to take the loan.
Thanks
Dear helping_user:
I really appreciate your response, but honestly, I can't understand how you arrived at $115,000. I think I can probably get approved for a car loan for more than that.
I really appreciate your response, but honestly, I can't understand how you arrived at $115,000. I think I can probably get approved for a car loan for more than that.
Hi,
Generally one can expect to get a mortgage for an amount around 2.5 to 3 times of their yearly gross income.
Thanks
H.Clay
Generally one can expect to get a mortgage for an amount around 2.5 to 3 times of their yearly gross income.
Thanks
H.Clay
Greetings,
Obviously, a lot more information would be required. But based on what you did provide, you could probably do a $425,000 loan with $8,400 in taxes. It would be tight, but still doable.
Just my 2ยข
Obviously, a lot more information would be required. But based on what you did provide, you could probably do a $425,000 loan with $8,400 in taxes. It would be tight, but still doable.
Just my 2ยข
