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Getting a 250k mortgage on a 35k/yr salary?

Can I get a 250k mortgage while making 35k/year? Someone told me No... but what if I can put a substantial amount down like 20% or slightly less with good credit? Please advise.
  • July 25 2012 - US
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Answers (5)

Even with figuring your income and your 20% or so down payment you still need to have a Lender preapprove you.  The debt to income ratios are a huge factor as well as your credit score.  Good luck!  ;-)
  • August 07 2012
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Profile picture for user706343
I bring home 3,200.00 monthly with 400.00 support check. I work 10 months and then rely on my PTO for 3 extra weeks during the summer. I tried to pre-qualify on a home loan with a score of 660. I am putting down 150,000 -175,000 cash and was told my salery needs to be higher ,I also have 266.00 car payment. I have been in the job 6 yrs and have total 4,200. in debt. Is this right?
  • August 07 2012
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The only way to know for sure is to get pre-approved.  Most lenders will pre-approve you for free so there is no risk or obligation.  Some can even do a soft pull on your credit so you don't get dinged.  There are so many factors that come into play merely speculating on income and downpayment would be insufficient to render a decision.  Good luck to you and let me know if you need guidance in choosing a lender.

Jeff Metcalf, REALTOR(R)
Watson Realty Corp.
  • July 26 2012
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Even with 20% down, your debit ratio might be to high. I don't know what other debit obligations you have such as car or credit cards.

At $35,000 per year, monthly gross income is $2,900. Mortgage payment on $200,000 would be approxmently $1,100. If the mortgage was your only payment, your debit ratio would be 38%

I suggest you visit the bank or credit union where you do business and have a talk with the loan officer. They can explain what requirement they have for a mortgage.

Best of luck to you. If you have saved that kind of a down payment, you are on the right track!
  • July 25 2012
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Profile picture for Cindy Quinton
A mortgage professional would need to know what other debt you also have, and a variety of other factors. But with good credit and the full 20% down, you would avoid PMI and that would create more room. It still seems like it would be a bit of a stretch, but it wouldn't hurt to investigate what you CAN qualify for.

Zillow has a couple of different mortgage calculators that you can play with:
Payment Calculator
How Much House Can We Afford
  • July 25 2012
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