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Depending on my yearly income, how much should my morgage be?

  • April 18 2013 - West New York
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Answers (5)

If you are a military vet the debt to income DTI can be as high as 50%
conventional is up to 43%
  • July 02 2013
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Alexander,


In order to determine the mortgage amount you qualify for I would need a clearer snapshot of your scenario. We would need to discuss your income, projected down payment, and any monthly liabilities (credit cards, installment loans). This will allow me to work the numbers around in order to determine which mortgage program will meet your goals most effectively.

Please contact me at your earliest convenience so we can weigh out your options and issue a Pre-Approval Letter. My contact information can be found in my profile.


Kindest regards,

Paul F. Marzolla
Senior Mortgage Consultant
NMLS#922891
University Mortgage
Hackensack, NJ
--------------------------
Licensed by the New Jersey Department of Banking & Insurance
Member of the National Association of Mortgage Brokers (NAMB)
  • July 02 2013
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It would depend upon your total monthly debt service.  Mortgage underwriters take a look at what your total payment (mortgage+taxes+insurance) will be as compared with your monthly income.  If you have 5 cars leased and student loan debt, you may qualify for less.  If you have no cars leased and your student loan debt paid in full, you may qualify for more. 

It is best to contact a mortgage broker or direct lender to see how much you qualify for. 

April Hartmann
  • July 02 2013
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Profile picture for randyr6x2
Hello, 
This percent can very from loan type but usually will end in the 26- 29% range. This is the mortgage amount only and will usually only allow a total debt to income of about 45- 50% total. Total being cars, credit cards and all expenses. 

Great question
  • April 18 2013
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The standard debt to income ratio is about 50% of your gross income. When determining how much you can afford to buy you want to carefully evaluate all of your expenses and consider future expenses that home ownership will bring,
  • April 18 2013
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