Zillow Advice: Home Buying - i make $50000 a year and have a 290 car/150 studt loan fico is 765 how much will i get apprvd for?

Usually the lender lat you ...

Mon, 01 Jun 2009 05:00:00 GMT

Usually the lender lat you take 1/3 of your income to pay for the mortgage
Monthly mortgage payment is $1,389 at 5.5% today interest rate with 30 years term, you can apply for the mortgage $244,615. The home price you can buy is $244,615 + Downpayment.
Go to Mortgage section under "instant quote" request a loan amount $240,000 or go to the banks or mortgage office near by and request a loan.

and what if i paid off my ...

Mon, 01 Jun 2009 02:14:00 GMT

and what if i paid off my 300 car payment which left me with just a 150 student loan making 50k per year

Well the issue is my lady ...

Mon, 01 Jun 2009 02:13:00 GMT

Well the issue is my lady cosigned for her parents therefore shes out and probably cant be on the loan....combined we make 90k and those are our only bills so i dont think i would be trying to stretch myself out i just want to know how much i will get approved for by myself max.

thanks

OK truce. Peace and hair ...

Sun, 31 May 2009 22:05:00 GMT

OK truce. Peace and hair grease.

Socal why don't you just ...

Sun, 31 May 2009 18:29:00 GMT

Socal why don't you just chill. Do you have anything better to do then respond to every thread I respond in and harass me.

If you take 1/4 of your income ...

Sun, 31 May 2009 15:45:00 GMT

If you take 1/4 of your income to pay for the mortgage.
Monthly mortgage payment is $1,041 at 5.5% today interest rate with 30 years term, you can apply for the mortgage $183,342.
The home price you can buy is $183,342 + Downpayment.

NTITS:Where can you get an ...

Sun, 31 May 2009 15:26:00 GMT

NTITS:

Where can you get an option arm? Are you nuts?

Otherwise what you say is true. Buy less house than you are qualified for, as I did. I qualified at $175K at 31% but I'm buying $139.5K which makes me more comfortable.

You should make your life as stress free as possible. People overbuying is what caused this mess in the first place.

the best answer is: "it doesnt ...

Sun, 31 May 2009 08:40:00 GMT

the best answer is: "it doesnt matter" see people who purchase the maximum they are approved for end up 1) house poor( servicing their loan debt to the detriment of family life) and 2) highly stressed out because of that financial burden. no matter what you are "approved for" you should be looking for a home in the <125k range... sometimes its nice to be able to go out to dinner or buy furniture for your house.

if you end up rangled with a 175k option arm on a house that is losing value every single day, i can pretty much guarentee that you wont be a happy camper come next year

[off-topic post, removed ...

Sun, 31 May 2009 06:58:00 GMT

[off-topic post, removed by moderator]

I'd say with a 3.5% down ...

Sun, 31 May 2009 05:53:00 GMT

I'd say with a 3.5% down payment, max probably 175,000K. However, Riverside, CA is dirt cheap right now with nice houses going for 150,000K so you should be fine.