General Area in Miami>Question Details

Odalys Rojas, Home Seller in Miami, FL

Can I get pre-aproved for a house 250k if my husband and I only make 52k a year?..and where I have to go for good deal..i hate the banks!!!

Asked by Odalys Rojas, Miami, FL Thu Apr 5, 2012

Help the community by answering this question:

Answers

13
Marsha Umansky’s answer
Hi Odalys,
This calculator will give you a general idea:

http://www.bankrate.com/calculators/mortgages/new-house-calc…

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
0 votes Thank Flag Link Sat May 5, 2012
Hello Odalys,
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
1 vote Thank Flag Link Fri Apr 6, 2012
No one said you must borrow money from a bank, good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time.
Web Reference: http://jamessimms.com/
1 vote Thank Flag Link Fri Apr 6, 2012
Depending on your debts and credit, you may be able to buy a 400k home with that income AND have closing costs paid for you thru the RB program.

Contact me in Florida: http://www.pro-option.com
0 votes Thank Flag Link Sat May 19, 2012
Good Morning Ms. Rojas,

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.

Lila Lopez
RE/MAX Advance Realty
homesyblila@yahoo.com
305-+772-2521
0 votes Thank Flag Link Sat May 5, 2012
Hi Odalys,

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.

Sincerely,

Matt Tarka
Licensed Mortgage Professional
Serving All of Florida
Direct: 954-605-2450
Fax: 954-343-8098
mtarka@amplending.com

Advanced Mortgage Planners, Inc
120 NE 51st Street
Fort Lauderdale, FL 33334
A+ BBB Rating
http://www.amplending.com
0 votes Thank Flag Link Fri Apr 6, 2012
Wow, a pre-approval based only on income? You do know pre-approval and pre-qualifications are legally defined terms now, and there are certain items that must be given to a lender before it can be issued?
Between you and me, O, I hate the banks too! LOL

Jim
0 votes Thank Flag Link Fri Apr 6, 2012
Depends...on your down payment and the way the loan pencils out.
0 votes Thank Flag Link Fri Apr 6, 2012
Odalys:

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.

Good luck!

Ofelia
0 votes Thank Flag Link Fri Apr 6, 2012
I have company's I work with that
Can possibly help you guys out
Call me an I can set you up to see
How much you an your husband will
Qualify for 305 300 8540
Anthony K
0 votes Thank Flag Link Fri Apr 6, 2012
hello, Odalys.
sure you will find the loan you are looking for!,
I understand you hate banks, but the best option is to apply directly with them.
remember it is safer for you.
0 votes Thank Flag Link Fri Apr 6, 2012
Good morning, Odalys....

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
0 votes Thank Flag Link Fri Apr 6, 2012
Talk to a local realtor and ask to be referred to a local mortgage lender. These are not the big banks, but smaller companies that specialize in writing mortgages. They will look at your particular situation and let you know what you can qualify for today, what, if any, issues need to be cleared up and how much you can expect to comfortably spend on a house. If you don't qualify for some reason, they will tell you the reason, how to fix it and how long it will take so that you CAN buy a home as soon as possible. In New Jersey I work with Annie Mac Mortgage. See what your local professionals recommend.
0 votes Thank Flag Link Fri Apr 6, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer