Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for aogi1

How much can i afford for a 15 year FHA loan

I am a first time home buyer, i want to know, how much can i afford with the following yearly income with a 5% down on a 15 year FHA Loan, with a FICO score of 760+.
 
Yearly income is 125K, monthly debt for car, student loans, cedit cards etc is 1400.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 12 2012 - Baltimore
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (6)

Best Answer
350K will be much better, somewhere around a 41 debt ratio. Yes, you can do a conforming loan like Joe suggested and since it will be a 15 Yr am and high credit scores you should get very competitive MI rates. While the FHA loan will pay a higher premium it also comes with a 1.75% UFMIP hit.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 12 2012
As a first time buyer you may want to consider a 30 year loan, even though you can afford the 15 year loan.  We have seen lots of folks that get into 15 year loans only to refinance at some point to a 30 year loan when circumstances change (job loss of one borrower, increased expenses, etc.).  You can always pay more than the required payment to pay off a loan faster, you can't pay less if something happens...just my 2 cents. 

All the best in your home search!
Maryland Mortgage Mama
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 16 2012
You can get away with a 5% down payment on a conventional loan.  I would think $350k would be well within your range.  If you would like to contact me through my profile, I can put you in contact with someone within my group that is licensed in MD and can answer all your questions and work up some loan options for you.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 12 2012
Profile picture for aogi1
Hi Clay and Joe thanks for the reply, i am looking to buy a single family home around 350K in Baltimore. As i am pretty new to this, my assumption was that you need atleast 10% down for a conventional loan. once again thanks for the reply, as least now i am sure that i am looking in the correct price range.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 12 2012
Any particular reason you are looking at a FHA loan with that down payment and FICO Score.  I would think your payment would be lower with a conventional loan.  I concur with Clay on the price range. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 12 2012
Aprx $425K - $450K but will depend on a couple factors like taxes, possible HOA fee, rates at the time you want to lock.  What price were you thinking?   
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 12 2012
 
Related Questions
How much can i afford for a 15 year FHA loan
Profile picture for Bridget  McGee
Latest answer by Bridget McGee
October 16 2012 | 6 answers
How can people voice their concerns to FHA?
Profile picture for regretful_home_buyer
Latest answer by regretful_home_buyer
July 14 2012 | 7 answers
How is PMI calculated?
Profile picture for John Gibbins
Latest answer by John Gibbins
May 12 2012 | 7 answers
What are the current lender overlays on FHA insured 30 year mortgages, credit score, DTI?
Profile picture for Bob Willett
Latest answer by Bob Willett
January 06 2012 | 8 answers
can I get a USDA or FHA loan in Maryland with 1 W2 and current earnings statements
Profile picture for Gordon Haraway
Latest answer by Gordon Haraway
September 07 2011 | 4 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 4005 W Franklin St, Baltimore, MD Home For Sale
    4005 W Franklin St, Baltimore, MD 21229

     For Sale: $52,000

    • Beds: 3
    • Sqft: 1080
    • Baths: 2.0
    • Lot: 1350
  2. 2905 Violet Ave, Baltimore, MD Home For Sale
    2905 Violet Ave, Baltimore, MD 21215

     For Sale: $43,900

    • Beds: 4
    • Sqft: --
    • Baths: 1.0
    • Lot: 1801
  3. 2646 Boone St, Baltimore, MD Home For Sale
    2646 Boone St, Baltimore, MD 21218

     For Sale: $10,300

    • Beds: 3
    • Sqft: --
    • Baths: 1.0
    • Lot: 1040