Home Buying in 90670>Question Details

Cari, Home Buyer in Santa Fe Springs, CA

How much money do you have to make to qualify for a $300,000 loan. see details..

Asked by Cari, Santa Fe Springs, CA Tue Mar 17, 2009

I have credit score of 711, been at job for 14 years make around $45000 a year. am a first time home buyer. how much could I qualify for.

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Answers

3
M.D.J’s answer
More questions need to be answered but based off of the information given a $300k loan would be out of reach with those numbers given. There is other possibililties and options but more more info. would be needed so feel free to contact me to get the most out of qualifying.

Good luck to you...
0 votes Thank Flag Link Tue Mar 17, 2009
Hello Cari. Your credit score is good, your income is good, you will qualify for an FHA loan and the down payment for that is 3.5%. What you qualify for depends on how much you owe, as far as debt. I work this area and can help guide you in your purchase or at least direct you in the right direction. At this time you need to know what you qualify for and a lender will be able to do that. Now I would not direct you to a broker because many banks are not charging origination fees and there would be no need to pay more than you need to. Give me a call or e-mail me and we can get together to go over some of your options.

Good Luck
Dyanna
323.359.7992
0 votes Thank Flag Link Tue Mar 17, 2009
Hi Cari,

Your credit score is good and it is wonderful that you have been at your job for 14 years. Your mortagage/insurance/taxes/and interest for a $300k loan will be approximately $2100/month. You can qualify for a FHA loan. However, your total debt(including your mortagage) to income ratio should be about 45%. For you this number is $20,250. Your mortagage alone will be $25,200/year. You could reduce your loan amount if you can come up with a large down payment.

I suggust you talk to Dave Gaylord(lender/broker) he will guide you as to how you can prepare yourself to be able to get a loan. FHA guidelines are easier to work with. Dave number is 949-939-6011.

Sincerely,

Homa
Prudential California Realty
Mission Viejo
(949)637-3845
0 votes Thank Flag Link Tue Mar 17, 2009
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