How much mortgage would I qualify for?

[Anonymous]

OP, as a practical matter, the bank will almost certainly let you take out a larger loan than you are comfortable paying, so I would just focus on figuring out how much you want to pay.

Really the only exception to this is if you're not mentioning that your wife makes considerably more than you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I never looked at it as a question of how much would I qualify for. I looked at it as a question of how much did I want to spend, how much I wanted my monthly payment to be. My HHI is similar to your income OP - and I purchased a home for around 300k.

you have a 200k HHI and you bought a home for 300k?

Not the PP but why would you question a home purchase of $300K with that HHI? yes, its low for a home but I guess they don't want to be saddled with future debt.

OP said his income was 97k...where did you get a 200k HHI?

this was in reply to another poster....

I am the other poster and our HHI is similar to OP's income which is 97K. I wasn't counting OP's wife's income because he is not counting it in trying to qualify for a mortgage. Sorry for the confusion

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I never looked at it as a question of how much would I qualify for. I looked at it as a question of how much did I want to spend, how much I wanted my monthly payment to be. My HHI is similar to your income OP - and I purchased a home for around 300k.

you have a 200k HHI and you bought a home for 300k?

Not the PP but why would you question a home purchase of $300K with that HHI? yes, its low for a home but I guess they don't want to be saddled with future debt.

OP said his income was 97k...where did you get a 200k HHI?

this was in reply to another poster....

I am the other poster and our HHI is similar to OP's income which is 97K. I wasn't counting OP's wife's income because he is not counting it in trying to qualify for a mortgage. Sorry for the confusion

You didn't cause the confusion...reading is fundamental

[Anonymous]

You'll probably qualify for about 400K. We just went bought a house with a similar HHI and the max approval we could get was around 410K. We ended up buying at 325K.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I never looked at it as a question of how much would I qualify for. I looked at it as a question of how much did I want to spend, how much I wanted my monthly payment to be. My HHI is similar to your income OP - and I purchased a home for around 300k.

you have a 200k HHI and you bought a home for 300k?

Not the PP but why would you question a home purchase of $300K with that HHI? yes, its low for a home but I guess they don't want to be saddled with future debt.

OP said his income was 97k...where did you get a 200k HHI?

this was in reply to another poster....

. . .

[Anonymous]

Anonymous wrote:You'll probably qualify for about 400K. We just went bought a house with a similar HHI and the max approval we could get was around 410K. We ended up buying at 325K.

what was ur credit score and monthly debt?

[Anonymous]

For the people saying OP will get approved for more than he should be comfortable spending, I don't think that is true in his case. He is trying to get approved based on his $97,000 salary alone but they actaully have an income of twice that.

[Anonymous]

Anonymous wrote:For the people saying OP will get approved for more than he should be comfortable spending, I don't think that is true in his case. He is trying to get approved based on his $97,000 salary alone but they actaully have an income of twice that.

+1

[Anonymous]

Anonymous wrote:

Anonymous wrote:For the people saying OP will get approved for more than he should be comfortable spending, I don't think that is true in his case. He is trying to get approved based on his $97,000 salary alone but they actaully have an income of twice that.

+1

I was one of the people saying that. I was in pretty much exactly the same situation as OP with a similar income. I got approved for around $680,000, which was way more than my wife and I intended to spend. Which is why I say that unless his wife makes more than him, I think the relevant question is how much they want to spend, not how much he can be approved for.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You'll probably qualify for about 400K. We just went bought a house with a similar HHI and the max approval we could get was around 410K. We ended up buying at 325K.

what was ur credit score and monthly debt?

780. 700$ per month in loans (1 student and two cars)