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I want to buy a house with my new wife, but I dont know what we would qualify for.

my new wife & I make a combined $415K, have a second home, combined debt to income ratio is roughly 35%, my credit score is 680, hers is 710, what tools out on the net exist that will show us what we qualify for?
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September 03 2012 - West Oak Hill
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In my opinion, don't use the net; find a good, reputable mortgage loan officer.    The net will use a plain, vanilla, cookie cutter data base and may miscalculate your entries and rate information.  A mortgage loan officer is licensed, knows various programs (and lenders) and can find the best rates for you.   The Net can't think outside the box.  A human mind can.   Guidelines vary by lender and there are many lenders out there.  Don't cheat yourself by using pre programed software.   I say that having more than a decade of mortgage lending experience. Conversations are free.   Find a few good mortgage lenders and speak to a licensed mortgage rep (not a retail bank rep on the platform).  Just my opinion.
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September 03 2012
I will use Zillow as a resource to connect with a Mortgage Broker.  Also your agent should have resources to recommend a number of Mortgage Brokers for you to choose from.
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September 18 2012
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I am a Residential Mortgage Loan Originator with Supreme Lending in Austin, TX.  I would be happy to visit with you to learn the specifics of your financing goals.  [Promotion removed by Zillow moderator. Please see our Good Neighbor Policy.]

Warmest Regards;

Brian Lee
NMLS #239425
Supreme Lending
[Contact information removed by Zillow moderator. Please see our Good Neighbor Policy.]
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September 18 2012
Your Realtor should be able to recommend some local lenders that will be able to pre-approve you and tell you how much house you can afford.
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September 05 2012
As an alternative, you can buy a house with owner financing so that you don't have to depend on a bank for a loan.
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September 05 2012
I would stay off the internet and call a reliable mortgage broker 
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September 04 2012
I agree with everyone else in that you should talk to a mortgage broker.  He will go over your finances and let you know how much you qualify for.  He can also advise you on what to pay off some credit lines in order to (a) strengthen your debt to income ratio and (b) raise your credit score.  
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September 04 2012
I suggest that you talk to at least two mortgage brokers to review your financial background and needs.  The best of luck!
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September 04 2012

Basic debt to income calculation.

Monthly current mortgage bills (taxes and insurance too), monthly credit card debt, car, personal and other notes that you pay monthly.  No utilities necessary. 

Current gross income including any additional income (bonuses, commissions, stock options, etc.) averaged over a 2 year period. 

Estimate a new purchase and the amount of the loan you would apply for at the current interest rate for the approximate monthly mortgage payment, estimate monthly property taxes (purchase price x 1.25% / 12) and home owners insurance (loan amount x .35%/12). 

If the total debt (current + new mortgage) is greater than 40-45%(depending on loan amount and lender restrictions), then you'll need to lower the mortgage payment in order to keep those ratios in line. 

All this of course is without looking at the tax returns and determining what if any expenses the bank will deduct from your income like 2106 un-reimbursed expeneses or losses from business, real estate, etc.

End all be all, I'd speak with a direct lender and have them review your financials to determine the final amount.

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September 03 2012
If you post this question in the mortgage section, you'll find some lenders. You've done this before; why aren't you going back to the lender you used before?
Was it an institution, mortgage broker or mortgage broker/banker?
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September 03 2012
I would contact a loan officer to go over your options and what loan programs that you qualify for.  What part of the country are you located in?
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September 03 2012
 
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