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

[Anonymous]

No debt, 90k saved and two cars worth maybe 18-20k combined and paid in full. (Basically no assets)

[Anonymous]

Approved for $600k. But we had more in savings (about $300k), and were looking to put 20 percent down.

[Anonymous]

We were approved for $625 on $125k. We took out $415k

[Anonymous]

600k. We do have fairly significant other assets.

[Anonymous]

$625k on $125/year. About $80k in other assets with 20% down and no other debt. Took $471k.

[Anonymous]

We were approved for $500k. No savings and lots of student loan debt. We bought a house for $430k, the mortgage is $410k.

[Anonymous]

I was comfortable with taking a mortgage of $400k. They approved me for more, but never take the max of what they offer you, especially if you have good credit.

[Anonymous]

We make $150 and were approved for $650+. We found that they will still approve people for ridiculously inappropriate amounts and it is really up to you as a buyer to decide what you're comfortable with. I honestly don't even know what they would have approved us for because whenever we made an offer they were just willing to give us a letter with that amount. Ultimately ended up with a mortgage around 500, which we were comfortable with.

[Anonymous]

$500 mortgage, $117 combined income

[Anonymous]

We were comfortable with $425 so that's what we were pre-approved for (at a $120k HHI). With (eventually) two kids in childcare, it was a struggle.

[Anonymous]

I'm in finance, and although you will be approved for up to 600K, you shouldn't go above a conventional loan limit of $417K at that income. You will be cutting it too close and leave no room for financial error.
Plus you should make a 20% down payment to avoid PMI, so that is about $80K-$90K.

You can always trade up later if your incomes increase.
We had a $400K mortgage until our incomes went up to $230K

[Anonymous]

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.

[Anonymous]

Anonymous wrote:We were comfortable with $425 so that's what we were pre-approved for (at a $120k HHI). With (eventually) two kids in childcare, it was a struggle.

OP, please read this. And then read it again.

Don't forget you need to think about retirement and college savings.

[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.

Not really

We took out a loan for 575k without issues on 160k

[Anonymous]

I wouldn't g above a 350 K house on that salary.