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how likely to qualify?

As a single 63 female with $133,000 annual income I would like to purchase a home in the 395,000 - 410,000 range with 5% down. I have zero debt and the property would serve as my primary residence. How likely am I to qualify for a 30 year fixed?
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October 13 2013 - Altadena
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Answers (7)

Best Answer

This would depend highly upon your credit score. If you have a rock solid credit score, with no debt and $133,000 in income, it seems like a $400,000 house wouldn't be an issue. The payment would look to be close to $2,500 per month, which would put you around $30,000 for the year. Most lenders want you to be 30% or less of your income to go towards your house payment. I would just give a lender a call, and they should be able to talk with you and get you a good answer within a matter of minutes.

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October 14 2013
Sounds good to me.  Want to move to Phoenix?  I can find you a home and a lender!
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October 14 2013
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Thanks, all. Most helpful. (FICO high 700s and no Bks nor defaults) Will be contacting one of you soonest to secure loan approval prior to commencing the "search". 
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October 14 2013
Although you have listed key information about your finances, it is not enough to figure out whether or not you are able to qualify for a loan of that size. Other information needed includes credit score, employment, assets, liabilities, etc. Overall it is best to speak with a lender directly to figure out what loan options are best for you. Lenders like myself would be glad to speak with you to help you get the loan that you need. So 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 14 2013
You will have a low debt to income ratio, which is one of the many parts to getting approved for a new mortgage. 
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October 14 2013
Hi Lori,

It sounds like you are on the right track.  While not having any monthly debt is great, we need to make sure that you have a valid FICO score.  Qualification is based on income, assets and credit.  Sounds like you are 2/3rds of the way there.

Feel free to contact me via my profile if you have any additional questions.

Best,

Bryan
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October 14 2013
Hello lori99!  There are many other factors banks will factor in before giving you an approval for a mortgage.  Typically the factors are the amount you wish to borrower against the value of the home, your debt ratio and credit profile.  With your income and willingness to put 5% down. I believe you're in good shape as long as your credit history and score meet the lenders requirements.
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October 13 2013
 
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