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I want to buy a house! How much loan can i get if I make $40,000 a year?
my wife is a Stay at home mom to our toddler so she doesnt have an income. My credit score is low 600 and my wife has 0 credit. We live in upstate NY and I also can apply for the VA loan since i served in the military. How much do u think we will qualify for?5 years ago - 4 answers
$120,000, but don't do it, that's partly what's wrong with our economy now, people live over their budget. Take your income subtract your normal bills, like utilities, credit card payments, etc and don't forget to add a savings amount in there of some kind, then whatever is left take 3/4 of that and that's what you can spend for your monthly mortgage amount. when you are figuring your mortgage payment don't forget to estimate for taxes and insurance payments. you can get an estimate from yahoo real estate of what the average taxes and insurance would be for the area you are interested in. Hope that helps!5 years ago
I use the 3x rule of thumb. Three times your annual income is the max house price you can look at. In your case it would be $120,000. Figuring as 20% down payment and your max loan would be $96,000. Of course everybody is different and you won't know for sure until you contact a lender.by frak1a12345 - 5 years ago
You are like a lot of folks, you don't do your homework correctly.
Look, only a lender can tell you if you qualify after taking all your financials into consideration. Don't skip an important step, talk with several lenders because each has their own programs. 2nd, select a Realtor to work with. Their service is free, they do all the homework and legwork for you and provide advise from experience. Don't waste that resource. Now you're prepared to buy a home. Good Luck!
Source(s)by Alterfemego - 5 years ago
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THANKS AND STAY BLESS.