This calculator will give you a general idea:
After you make your math, find a good mortgage broker, or call me and I will suggest a couple of great ones. They will find you the best deals based on your financial circumstances.
I laughed at you "hate the banks" comment ! I had a few clients who hated banks, but they were buying everything cash, no financing.
If you need my help, please, click the "contact me" button on the right. THANKS
Rule of thumb is 3 x gross income = max mortgage so yours is approx $156K so yes, IF you have $100K to put down you could theoretically buy that $250K home. As for other than bank mortgages, yes they are private lenders if you're okay to pay 10% - 15% interest rates. You need to meet with & hirre 2 professionals to help you find & buy the right home; #1. A Powerful Real Estate Agent, like myself, and my team of Superb, local lenders. Then we can help you plan a sold, sensible and realistic strategy to help you find and buy that right home. Call me 305-546-5132 when you're truly ready ready, ready, and we'll be ready to apply for the job of helping you find & buy the right home.
Thanks, Steve E
The answer to your question can only truly be provided by a loan officer with a bank or mortgage broker. There are several factors that go into arriving at an amount that you would qualify for, such as the amount of your downpayment, credit score, other outstanding monthly payments you may have, etc. If you are still considering purchasing a home and have not as yet been in contact with a loan officer please feel free to contact me and I can put you in touch with the names of some loan officers I work with that can give you an accurate picture of how much of a home you would qualify for.
RE/MAX Advance Realty
There are many fators that contribute tp whether you can or can not get pre-approved. Based on the information you provided, we can begin the pre-approval process for you and your husband.
Please feel free to call or email me.
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Advanced Mortgage Planners, Inc
120 NE 51st Street
Fort Lauderdale, FL 33334
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Between you and me, O, I hate the banks too! LOL
I understand your reluctance to go with the banks; I've often seen my clients' preapprovals disappear. But Coldwell Banker has a solution: a one-stop shop. Not only am I professional with 20 years' experience in the business, but we're affiliated with 2 very reputable, well-known lenders: Sunbelt Lending and Coldwell Banker Home Loans. Not only do they offer a myriad of products and very competitive rates, but they are considered major lenders in the industry. This is an important consideration when you're going for a foreclosure. In addition, we work with Sunbelt title to effect a painless closing.
So, as you can see, CB provides all 3 components for a real estate transaction: a professional Realtor (me), major lenders and the title company. The best thing is that we all work together to effect a seamless, painless home purchase experience.
Based on just your income, there is no reason you cannot qualify. However, as you probably know, the loan application reviews income, debt, assets, job history, rental or mortgage history, and the home being purchased including the taxes you will pay with the mortgage.
I just did a purchase where the Twp tax was 80 a month, county tax 90 a month, and the school tax 450 a MONTH. WOW. The home was 300K purchase price. Almost half the base mortgage payment.
In terms of hating the banks, technically defined, everyone that is licensed to lend money for homes is a mortgage banker. Hard to get away from the banks unless you have a rich uncle or good friend willing to lend you the money privately.
I hope these comments help you in your decision. Jim