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Knowledgeable ones: What "stats" does one need for a mortgage?


UNCForest
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I know that there will be no cut and dry answer to this. All I'd love to see is anecdotal experiences or expert advice to form an idea of what kind of house i'd be able to get, value wise.

But, say I give you guys 3 hypothetical fico credit scores, a hypothetical annual gross pay and a hypothetical debt to income ratio.

Could I get opinions on a broad idea of the amount of home I could POSSIBLY get approved for?

And/or...

Would you share with me (and others who will read this) your "stats" (scores, etc) when you got approved? I know you probably wont want to show your income, but im just trying to get an idea. This will be my first home purchase and i am VERY green.

Thanks!

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midscore 687 at least (i wanna say over 690, but not sure)

Debt - a few hundred bucks at most

income - 77500

Debt to income was VERY good

approved for 275000 easily. House wasn't that much, but it was pushing it.

int rate 5.875

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It would be easier if you listed your income/monthly minimum credit card and auto & etc payments in one figure, if you have scores from MyFico-then it would be easier to answer. Find out what taxes are on a home that is what you would like to own, ie if your first home needs to be 150K, find out the taxes on that price home. You might need to scale down or you can go higher once you have more of the package put together.

There are so many programs available for 80-95-100% financing, some need decent scores, some don't. Some need assets/reserves, some don't.

What you should do is determine what the max housing payment you can afford is, and start putting the difference between your rent and that figure in the bank every month. That is the best way to find out if it is affordable. I personally was house poor for a long time until inflation kicked in and now my payments are very affordable. From my experience I would not suggest that route however.

Charles

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What I have found is that, at least in the last few years of easy money, lenders/brokers would qualify you for a LOT of house. When you look at the monthly PITI, the numbers are scary on what they "qualify" you for. Sure, you can buy that much house as long as you don't like to eat, go out for a drink, or put gas in your car!

At today's prime rates, plan on committing roughly $750 payment for every $100,000 you borrow with taxes and insurance. That is a rough estimate, but just something to keep in mind.

From personal experience, no debt and a $52k gross income got my other half qualified for $250k with no questions asked two years ago. But rates have gone up since then- if you post what you need and your situation someone will give you a better estimate.

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THANKS guys...

ybrew and jw26, thanks to you too...that is exactly the kind of stuff I was looking for.

Charles, I have heard tons of great things about you! Thanks for responding. my scores and, to be honest, payrate are horrible right now. Im mainly asking for the future. :)

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