Zillow Advice: Home Buying - May I know with a good credit, how much loan I may get?

I see this original thread ...

Thu, 06 Aug 2009 02:41:00 GMT

I see this original thread is from March, however, Zillow just alerted me and apparently others of its existence, so here is my two cents. There are many factors that go into your pre approval for a loan, and some have already hit on them. Credit is certainly one, another is income, but more importantly, your discretionary monies left over after you pay your car, credit cards, and other monthly expenses that you may have. Savings comes into play, as most lenders require a reserve of 6 months of bills, plus a down payment of at least 3.5, although if you are a veteran or you buy in certain rural areas, you may qualify for less. Confusing? It can be. A good course on home ownership at your community college is a great way to start. Also, there are some GREAT lenders on Zillow that are more than happy to help you begin. I hope these comments helped you, and I wish you good luck! Jim

It is required to check your ...

Thu, 06 Aug 2009 01:42:00 GMT

It is required to check your debt to income ratio.
Your future expenses against your current income.
You need to have a conversation with a Home Mortgage Consultant.
If there are no referrals, go the yellow pages, an old one, and make some calls. All of them will pull your credit report to give you an exact amount.
So, on the first one, ask for a copy of it and provide copies to the other Mortgages Consultants you will interview. They will give you a real estimate but only the first one will have the best and most accurate information due to the credit report.Take a First time home buyer class. It will e very helpful, you will not waste your time going to the class.

You will qualify for a larger ...

Thu, 06 Aug 2009 01:14:00 GMT

You will qualify for a larger loan than you probaly can really afford. I always ask my borrower so look at what they are comfortable paying in rent now and how much they are saving. Then we work backwards to find the home price.

Remember not only will you have additional monthly property taxes that go up annually. You will have a water bill, perhaps an HOA, lawn service, repair bills. Homeownership is awesome if you are ready for the expenses and buy within your means. If not it isn't worth the stress;;)

Anywhere from $300k+ depending ...

Mon, 02 Mar 2009 20:37:00 GMT

Anywhere from $300k+ depending upon how many other loans you have and how good your credit is. If you don't have any other loans, and your credit is really good, you can expect $400k (more than you should obligate yourself to in my opinion) ..

Use zillows, how much you can afford calculator

Whatever amount, you will want a 5% (at least) downpayment saved.
Good luck

sorry. I mean 88k.

Mon, 02 Mar 2009 20:25:00 GMT

sorry. I mean 88k.