How much of a mortgage will will we get approved for?
Combined, me and my wife make about $125K per year. We both have pretty good jobs and have been with our companies for several years. We both have excellent credit scores (she's 720, im 820). We will most likely be putting down between 5-10% on the home we buy. We don't have any credit card debt and very little other debt(school loan/car). How much will we get approved for based on those aforementioned details?
Asked By: Kenny Powers - 9/30/2011
Best Answer - Chosen by Asker
It is no more then 3 times annual income so you would be approved for a 375k Mortgage. A lender never approves more then 80% of purchase price. Not putting 20% down hurts so add in a Monthly PMI payment.
Answered By: Equality - 9/30/2011
Additional Answers (3)
no more than $125,000
Answered By: Mopar Muscle Gal - 9/30/2011
your probably going to need to put 20% down no matter how good your credit is. you can go on line to like yahoo real estate and there will be mortgage calculators and you can find out how much you can get.
Answered By: R K - 9/30/2011
About 320k, may be impossible with a micro down though. A normal down payment is 20%
Answered By: Landlord - 9/30/2011
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