mortgage calculators
Question
how much income do i need for an $87k mortgage?
i'm thinking about getting a house and i made an offer but i'm not sure if i have enough income. the mortgage would be for 30 ys and the rate is 5.5% i currently have $25,800 income after taxes. . . is this enough? please help; i can't find any calculators or anything that would tell me btw, it is a fha mortgage w/ 3.5% down
2 months ago - 2 answers
Best Answer
Chosen by Asker
Go and get preapproved NOW! If another buyer who is preapproved comes behind you and makes an offer, who do you think that the owner is going to sell the house to? Fact of the matter is that we do not have enough information here to say if you can or cannot be approved for this loan. There are other factors that you have not allowed us to consider. Do you have any other outstanding debts How long have you been on your job? What are the taxes on the property what is the property appraising for? Those are just a few from the top of my head. IF I had to guess, I would agree with the other poster and say NO but again that would just be a guess on my part. PLEASE, Please please go to your bank and get a pre approval letter from them.
by karen g
2 months ago
Asker's Rating: 
Other Answers
You can generally borrow three times your income so you do not make enough. You can contact a lender and ask.
by MadMan- 2 months ago