Profile picture for Munitas

Could we get a approved for $60 or 70K with an income of $50,000?

We are looking to buy a house that needs TLC (that's why is so cheap) in order to get a couple of acres (2). We dont have much saved but can make a down payment of 10 or 20% and me and my husband have a great employment history and tax returns. His credit score is around 650 and I'm around the 700 but since moved to USA 4 years ago, my credit doesnt have to much history but I'm building a good credit.

I guess my question is, in what price range should we look if we make $ 50,000?

  • November 01 2010 - Salem
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Answers (4)

Best advice is to go get pre-approved from your local bank.  There are other criteria involved in buying power.  Credit, Income, job history and Debt Ratio all make up a dollar amout of spending to you.  Good luck and congrats on your new home!
  • November 12 2010
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Profile picture for tbro316
I agree with Paul. If you have low debt you will probably good at around $200k. But there are a lot of factors to getting an exact fingure.  Definitely contact a lender to get pre-approved.
  • November 04 2010
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Defiantly contact a broker to get preapproved, but here is a quick way to ballpark it.

Add up your combined monthly income and then take 45% of that.(ie 10,000 per month would be $4500)

All your car payments, school loans, signature loans, credit card payments, and new mortgage payment must be under this number.

If that doesn't make sense contact a broker.

Hope this helps.
Paul
  • November 04 2010
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Three main factors go into determining loan eligibility.

Credit - Debt Ratio - Loan to Value

You may qualify for a 70K loan on your income but other debt must be taken into account. If the house needs work I suggest you look at the 203K loan.  

Most importantly, find a local mortgage banker, sit down with them and understand all your options. Best of luck on your new home search!
  • November 01 2010
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