How much house can my fiance and I afford? How much can we expect to be approved for?
May 14, 2008 · Print This Article
billy asked:
Note this is actually 2 questions - the answers are not the same.
We’re looking to buy in the next 2 months.
Note this is actually 2 questions - the answers are not the same.
We’re looking to buy in the next 2 months.
73,000 gross income
585 monthly debt
credit scores are above 700
live in Ohio
have 11k to put down
taxes and insurance for the area we are looking are high - approx. 2.25% of the purchase price
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Josh Dunaway has been a certfied Realtor in the suburban Chicagoland area for over 20 years. Aside from starting his own real estate company, he also owns a mortgage company as well.
you should be able to finance up to 90% of the house’s value
need more info.
- Interest rate
- desired term (15yr, 30yr, ??yr)
As a rule, I’ve always tried not to spend more than 35% of my income toward housing expenses. However, lately banks have been a little too aggressive, putting folks in homes they can’t afford
Shop carefully Billy. Compare apples to apples. You are a “A” quality buyer. Evey loan officer on this site is now drooling, LOL.
You will have a wide selection of options, make certain that all of them are explained to you so that you may choose the one which best suits your specific needs and goals.
Remember, the interest rate is only one component of what makes it the perfect loan for you.
Good luck and best wishes.