Profile picture for user3196156

Can i get approved for 300,000?

I make 63,500.00/year. I have a 8k credit card debt no other expenses? What are my chances?
  • February 03 2014 - Fairfax
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Answers (16)

I'm glad to help if you want to work with a local bank. I am in Fairfax. There are several other factors that go into it. Your chances look pretty good so long as your credit score is decent. I can also connect you with a great local realtor if you would like. We can do all of this over the phone, in person at my office, or by email.

Best,
Zac
  • February 18 2014
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Best advice I can give, is to first contact a buyers agent. They can put you in touch with a mortgage company for a "Pre-approval", while also getting your preference information in what/where you'd like to buy. A buyers agent has many contacts in the mortgage world, and while they are not all created the same, the agent deals with plenty and can usually recommend a perfect fit for you and your situation. 

Good luck and contact me if I can be of any assistance.
  • February 09 2014
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  • February 06 2014
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  • February 05 2014
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Profile picture for CA Direct Lending
I don't take advice from my mailman on how to build a home and I don't take advice from a Realtor on how to finance one. 

Barb, this poster nor anyone else who posts here does not need to speak to a lender.  Did you know that this is a Mortgage Advice Forum?  We do this every day.  Most people don't buy homes every day so you admonishing this person that "they can't just throw out an annual income number and obtain a pre-approval" is uncalled for.  I don't see any concern here in getting you some words on a piece of paper that reads, "Pre-Approval" at the top.  This person wants to know if they can qualify for what actually finances the home--a loan. 

Any lender here can tell this person that at the income level posted and at that low credit card debt, to answer the question:  The chances are very good even with an FHA loan with just 3.5% down. 

At this point, I would invite the poster to speak to one of us or input the specific scenario in the Mortgage Rates tab above to find screened Zillow lenders who are ranked by rate with public reviews and comments from past clients. 

If this person is going to proceed with a purchase, a pre-approval and lender approval, it's time to find a low-rate, highly rated Zillow lender in the Zillow Mortgage Marketplace.
  • February 04 2014
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You must speak with a lender to determine all of your qualifications. It's not all about how much you earn per year. In other words, you can't just throw out an annual income number and obtain a pre-approval. There is more to it than that. All monthly payments (i.e. auto, student loans, credit cards, etc), including the amount of the monthly amount of the mortgage, property taxes, insurance, association dues, etc. must be calculated. Not to mention your credit scores and down payment factor into this in terms of finding the right loan for you.
  • February 04 2014
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I would suggest getting on the phone with any of us lenders that can look thoroughly into your infomation and see what you can qualify for. There are more factors that go into pre-approval for a purchase.

Good Luck and Best wishes!

Scott
  • February 04 2014
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Although your income looks good there are more details that would be needed before we would be able to give you an accurate estimate of how much you can qualify for. It would be easier to speak with a lender directly than to list your entire financial background here on Zillow. It's important to understand that your mortgage is not solely based off of your income but other financial factors as well. These factors include your assets, expenses, debt, down payment, employment, credit, as well as income. The best thing for you to do is to speak with a lender such as myself to see if you can get started on financing a new home. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!

  • February 04 2014
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Profile picture for CyrilDesfogeol
It depends on your credits, your age, what you saved up. etc.
  • February 04 2014
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It is not just based on what you make and what debt you have revolving, it is based on your full credit history, how much you have saved up for a down payment, and many other factors.  Please let me know if I can assist in more detail as the company i work for is based right around the corner from you in Tysons Corner.  I wish you the best of luck.
  • February 04 2014
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In this new lending environment, you are going to be on the edge of qualifying for 300K. Choose a great loan officer to go over your whole file so you can see all the numbers for yourself. We at American Bank are happy to review your entire loan application package at no charge and no obligation and clearly explain to you where you stand.
Best Wishes, Jim 
Northern Virginia Resident
  • February 04 2014
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We allow up to 55% debt ratios with an approve eligible on FHA. so depending on the property taxes, insurance, etc, that might be the best way and it would appear that would work.  I would be happy to discuss this strategy further through my profile.  Thanks and good luck! 
  • February 03 2014
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From the information you posted this is certainly possible - we'll underwrite to a 45% DTI w/ strong credit.
I'm licensed in VA and easy to reach anytime.

  • February 03 2014
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Depending on taxes and if any mortgage insurance is needed, I agree with the others, it is going to be tight. Is the other income in the household not being considered.  Reason I ask is that after taxes are taking out of your pay and then this mortgage, not much else is going to be left over. If you would like to discuss further, please feel free to contact me through my profile
  • February 03 2014
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Profile picture for wetdawgs
Contact your favorite lender to go through the specifics.

Here's a link to an affordability calculator.   to give you rough numbers.   You didn't mention credit scores or down payment.

I agree with the other poster, unless you have a hefty down payment you may be stretching.
  • February 03 2014
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I have a few mortgage people I can refer you to, depending on your credit score, terms, etc, but I think it might be a stretch at least based on things in my state.
  • February 03 2014
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