If you make $130 what amount of mortgage were you approved for?

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08/06/2016 16:35

Subject: If you make $130 what amount of mortgage were you approved for?

quote

Anonymous

Anonymous wrote:Approval for a mortgage is no indication of what you can pay.

$600k mortgage on $130k is batshit crazy. Hell, a $400k mortgage on $130k is crazy.

The first amount is crazy. The second is a stretch, but not crazy necessarily.

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08/06/2016 17:25

Subject: If you make $130 what amount of mortgage were you approved for?

quote

Anonymous

Anonymous wrote:Approval for a mortgage is no indication of what you can pay.

$600k mortgage on $130k is batshit crazy. Hell, a $400k mortgage on $130k is crazy.

I agree. I bought when making about 130 (single woman, was 27) with20% down. I ended up buying a 300k house (not in DC). Was very comfortable.cim very financially conservative!

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08/06/2016 17:27

Subject: If you make $130 what amount of mortgage were you approved for?

quote

Anonymous

We had a HHI of about $180k when we were looking for a mortgage, but only $120k of it was considered by the bank (I'd gone from a full time job to being a contractor - and then actually since then the place where I was contracting went out of business, so yay fucking me.)

Anyway I digress. We got preapproved for $400k, I think. Ended up spending $330k for the house plus $38k on renovations, with $40k down. G_d willing, we'll be able to cover that on the one salary the bank was actually looking at.