Financing in 08046>Question Details

Deborah Coll…, Home Buyer in Philadelphia, PA

my income is 2000 month what the max for price of home i canafford?

Asked by Deborah Collins, Philadelphia, PA Wed Jul 11, 2012

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Hello Deyaco5846,
Thank you for your question.
I just talked to William De La Torre on 856-562-2286 from Wells Fargo Home Mortgage and he told me that with an income of $2000 a month you will be able to qualify between $80,000 to $100,000 depending on your debt. Feel free to call him.
There are several pieces of information that will determine your purchasing power. He or other loan officer will be the best qualified to let you know how much and what programs you may be qualified for.
Let me know if you have any other questions.
Good luck,
Ines De La Cruz, Realtor, ABR
RE/MAX Connection
0 votes Thank Flag Link Wed Jul 11, 2012
There som may factors that come Into play. Dowpayment,Credit, debt,child Support etc. If you like some help, PLease call me 609-315-1800
0 votes Thank Flag Link Wed Jul 11, 2012
As others have stated, you need to speak to a mortgage rep in order to determine what you can afford. Not only will your monthly income be considered so will your downpayment amount, credit scores, debt to ratio income, etc. Try speaking with a loan officer (mortgage rep) either at your bank or you can find someone on Trulia or we can recommend reputable ones for you to speak with. Once its determined how much you can afford, you can think seek out an agent and areas you are interesting in buying in. Its not a good idea to look until you know what your price range is (how much you can afford).

Good luck.
0 votes Thank Flag Link Wed Jul 11, 2012
Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore for a personalized answer visit with any licensed loan officer to determine qualification, and affordability. Keep in mind that lenders have their income v. debt criteria for qualifying for the amount of a mortgage—oftentimes requiring that housing costs are not in excess of one-third of gross income in addition to a stipulated income v. overall debt-ratio. What lenders don’t know are borrowers’ non-debt spending habits, present and anticipated. You, the borrower, need to consider the economic factors of your lifestyle that would impact on your individual comfort level of affordability. A mortgage outside your budgetary constraints can dramatically alter your overall living conditions. So, be sure to factor micro and macro economic concerns into your mortgage amount deliberations.
0 votes Thank Flag Link Wed Jul 11, 2012
Well, you haven't provided enough information for anyone to asnwer that!

Factored into what you can "afford" is....your income, your credit scores, amount of down payment and your debt obligation (ie: student loans, car payments, credit card balances, etc., etc).

You really need to speak to a loan officer (mortgage rep), and share your specific financial information. Then you will have an idea of what you can comfortably spend.

Best wishes.............

ps if you need the name of a lender, please let me know, and I can provide one
0 votes Thank Flag Link Wed Jul 11, 2012
Consult with a mortgage lender to discuss your financials. They will determine how much of a loan you may qualify for.
0 votes Thank Flag Link Wed Jul 11, 2012
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