How much of a loan could I get approved for?
I found a house I'm really interested in. This year and last year I made $60,000 (both years). The house I'm interested in is $245,900 and I would need to be able to pass a 2.9% interest rate
Earlier this year I met with a mortgage broker and was looking at a home worth $280,000 but didn't get approved, the broker never told me how much I could be approved for though.. (my credit score is good btw) Can anyone help me out, and possibly calculate what the mortage would be (with $20,000 down)
- JudyLv 75 years agoFavorite Answer
With 20K down plus closing costs, a good credit score, and 60K annual income, you'd probably be able to get a 180K mortgage, so a 200K house. You'd have to try for an FHA loan though, you don't have enough down (20%) for a conventional loan.
- Beverly SLv 75 years ago
The people here who have told you $180k are wrong. They have no way of knowing without more information. Do you have car payments, credit cards? All of your debt counts towards your debt to income ratio. Also your score is part of what your rate is & you didn't say what it was. They are thinking 3 x your income. That is not how it works. We look for no higher than a 43% debt to income ratio. Without knowing what the taxes & insurance will be no one can tell you what you qualify for. Call a mortgage lender & give them all the details like you did last year. Tell them you want to be pre-approved for the max- that way you will know how much you qualify for. Good luck!Source(s): I'm a mortgage lender since 1986.
- RobLv 75 years ago
here u would need a large amount
Down (24,000 - 36,000) to
get approved for a decent interest rate.
closing cost here, would be in 8000 -12000$
range outside of mortgage .
u would also want a second job to get ahead
of the bills, taxes etc for a year or two.
- A HunchLv 75 years ago
Based on your income, you would be approved for $180,000. Is the $20,000 all you have? You would also need closing costs, so it would be about $12000 down (max you can buy being $192,000) and $8000 for closing.
If your debt is high, your loan would be less.
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- Anonymous5 years ago
Although your credit score is good but to know the exact limit of loan, you should contact debt experts through debtmanagementservices.com.au...