Profile picture for emilysmith22202

I would like to buy a house one day

. The area I live in is very expensive. I would have to buy a house for the least would be about 300k. I make about 55k a year. My credit now is about 650. I want to wait till it goes up. But my question is will I qualify for a 300k home? I dont want to pay more then $1500 a month. And there is no way to buy a home for under 300k. but i would have much to put down. I can probably save 3%
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October 03 2013 - Germantown
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Answers (6)

First you should speak with a lender to apply for a loan and prequalify. When you apply for a loan, lenders like myself will need to look at several different things if you are trying to prequalify for a loan.

1) Proof of income for each person that will be on the mortgage which can be demonstrated through: one month of pay stubs, previous year's W-2 forms and tax returns, official documentation to demonstrate other forms of income (alimony, child support, etc.), and two year's tax returns if self-employed (all schedules, all pages)
2) Credit Report which they will pull
3) Employment History or Business Tax Returns if you're Self Employed
4) Personal assets such as: Recent balances and statements for bank accounts, most recent account statement demonstrating market value of any investments (stocks, bonds or certificates of deposit), documentation showing interest in retirement funds, face amount and cash value of life insurance policies, value of significant pieces of personal property, debt information, the balances and account numbers of your current loans and debts, including car loans, credit card balances and any other loans you may have.

These are just a few things you should have ready when you begin your buying process. Also, with your down payment an FHA loan would probably be best for you since it only requires a 3.5% down payment. If you have any other questions or need a loan please contact me through the information on my profile page. I hope this helps and good luck!
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October 04 2013
Talk to a lender and have them run exact numbers for you.

Peggy Lyn Speicher
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October 03 2013
Profile picture for wetdawgs
Zillow has some calculators such as "How much house can I afford?" that may give you some starting estimates.   And a mortgage calculator to know your monthly estimated costs.    (This are rough estimates to get you in the ball park)

Unless you are eligible for a program with 0% down or can find down payment assistance (which require qualifying and often run out of money) save at least  3.5% down for FHA plus closing costs and an emergency fund.
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October 03 2013
  Even if they do, that doesn't mean you will qualify for the monthly payment. My suggestion would be to call the Maryland Housing Authority that offers the programs to talk to one of their housing councelors to find out the specifics of the program.
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October 03 2013
Profile picture for emilysmith22202
I thought Maryland had a first time buyer no money down option?
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October 03 2013
I'm afraid there is no easy answer. If you are priced out of your market, then you are priced out of your market. I would advise against overextending yourself... ask anyone who bit off more than they could chew in 2006. It is just not worth it to try to live in a borrowed dream at the cost of your future.

My best advice is to look at tertiary markets where maybe a short commute to work from the place you live could offer more affordable housing. Also, it would be in your best interest to save as much as you can for a down payment in order to buy down you mortgage payment.

Just remember that renting does give you flexibility in relocating if perhaps another career opportunity comes along or your financial situation were to change. Good luck!
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October 03 2013
 
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