How much mortgage would I qualify for?

[Anonymous]

My wife and I both have similar incomes, but she has subpar credit so we would like to put the house under just my name if at all possible.


i have a 96,500 dollar yearly income... we have 380 dollars in monthly debt (student loan and car payment)



What do you think that the highest mortgage/financing amount that I (me alone) would qualify for? I have 770 credit and a stable fed job. We have about 50k for a downpayment.

[Anonymous]

$500K?

[Anonymous]

$300k plus your $50k down payment.Might be that you will qualify for more if you find a lender who will understand that your wife will hep you pay.I got a loan that was 7x my annual income from a mortgage only lender.Bank try to keep the loan 3-4 times your annual income the most.

[Anonymous]

Anonymous wrote:$300k plus your $50k down payment.Might be that you will qualify for more if you find a lender who will understand that your wife will hep you pay.I got a loan that was 7x my annual income from a mortgage only lender.Bank try to keep the loan 3-4 times your annual income the most.

ive heard differently... banks will generally approve you for a mortgage payment up to 43% debt to income if you have great credit.

[Anonymous]

I wouldn't do more than 300k

[Anonymous]

I am confident you will qualify for much more than actually makes sense for you to spend.

[Anonymous]

use an online calculator

[Anonymous]

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.

[Anonymous]

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.

How much is your mortgage (PITI)?

[Anonymous]

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.

How much is your mortgage (PITI)?

after putting down 20% - the payment including all is 1350. With daycare costs that is about as high as I wanted to go.

[Anonymous]

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?

[Anonymous]

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.

[Anonymous]

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?

[Anonymous]

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?

no our HHI is under 100k

[Anonymous]

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....