I know this question my be off the scope of this board, however I will take a chance to get an answer...... Does any one know how much money you have to make annually to qualify for a 250,000 house? Right now my combined house whole income is at 130,000. And if some one can tell me will we have to put a lump sum down? I heard money talks regards of your credit history, is this true. If we put 20k down and have minor credit problems the lender will work with us, is this true? All the help in the world would help. Thanks guys.. Dimples1tryingtobeanewhomesoon!
I think a general rule of thumb would be 2-3 times your monthly gross to your mortgage payment? eg:1000 mortgage payment 3000 your gross monthly income I could be wrong...
Based on the information you give us, you should easily qualify for the loan on your income. However, the major thing that will impact what you qualify for is how much other debt you have. A general rule of them (as stated earlier) is that you can multiply your yearly gross income by 2-3 (2 is conservative, 3 is liberal) to see how much you can afford. If you make 100000, you could reasonably afford $250-300K.
We don't have any debt, non car notes, no loans nothing, but the credit would be an issue, would the downpayment override the credit issues?
Yes and no, umm I seen a friend of mine who did put a large payment down like around 40% and the lender didn't bother todo a credit check. However I've also seen, alot of times they will ignore late pays if you have just that on your report, other than that if you have charge-off's etc.. they will usually require you to pay that off first befor giving you the loan.
WOW 40% is a lot of money. We are going to see what happens. I just don't want the credit to hold us back from getting the house we want. We have the money, it is just the credit issue. My credit is worse, His credit really doesn't have any thing on there, 4 accounts over 4 year old account and we are trying to get them deleted, a long with restablishing his credit history.
I just got back from a mortgage broker, my combined income is only $52K and we qualified for $100K, she said if we eliminated our $33K in car loans we will qualify for up to $200K, for a single family home. She would extend us up to $200K NOW with the car loans on for a 2-3 family home. So it also depends on what you are looking for,too. I have minor credit problems, and hubby has a little more problems than me, but then again she based her decision without pulling hubbys report and only pulling mine. She actually GAVE me the report! lol
Friend or family makes 36k a year and they qualified her for a loan of $125,000...Scores were 680 to 730 range..
Does any one have any suggestions on a lender, a good lender. I am looking to get preapproved by some one soon.
