First I would advise you to speak with a loan officer to see what you qualify for!
Get a Realtor!!! Especially one that is an Accredited Buyers Agent (ABR). You want someone looking out for you and that mainly works with buyers! Sit down with your Realtor and discuss what you are looking for.
If you would like a name of a Loan Officer to speak with please give me a call at 610-476-7519. Also if you would like help looking for your new home please feel free to call me I love working with home buyers!
Keller Williams Realty Group
O: 610-792-5900 Ext 8177
Estimate approx. $140K - $180K
Lynn911 â€“ ~ National Featured Realtor
I am a mortgage broker. If I can be of service, please let me know!
877-238-6324 Ext 704
The solution would be to talk it over with a reputable mortgage lender. I can refer you to a couple and your family can choose which one would work the best for them.
Please either email or call.
There are a number of factors that are considered when making this determination. The best course of action is to visit several loan specialists for their advice. Be sure to request a "good faith estimate." This is a written account of the program(s) and rates the agent provide for your needs.
As my colleagues suggest below, salary --by itself -- doesn't tell the whole story. When an underwriter makes a decision on a loan, there are two major considerations: one is the ratio between the proposed mortgage payment and the monthly gross salary (that ratio should ideally be somewhere in the 28-32% range). The other ratio is the total debt (mortgage payment + car payments + credit cards + student loans, etc.) in relation to salary. This second ratio should be under 45%.
Bottom line: salary is only PARTof the picture. A home budget cannot accurately be determined without knowing the amount of total debt that a person or family has.
If you're interested, I know a WONDERFUL mortgage representative who would be happy to provide a FREE, no-obligation consultation (he would ask the homebuyer basic questions to determine the above information and, from that, be able to provide a target home price range). If you'd like his contact information, just call me at (610) 324-5240 or email me at judy@JudysFineHomes.com.
I hope this helps. Please pass along my "good luck" wishes to the prospective first-time homebuyer -- and also let them know that they can always contact me directly at (610) 324-5240) with any additional questions they may have.
Judy May, Esquire, REALTOR
Your DIAMOND Realtor
O: (610) 489-7700
C: (610) 324-6250 (preferred)
Search the MLS!
Besides it depends on credit score. As Somers have suggested, it is best to talk to a loan officer.
I would contact a mortgage pro who can qualify the purchasor and quantify what a loan amount the family could qualify for. Also it is important to note what amount of mortgage payment is comfortable too which may be a lower loan amount versus what one qualifies for.
The qualifications will not only include the income, but how much debt one has as well. The more consumer debt (credit cards, cars, etc..) one has will also affect how much one qualifies for as well so it is more than just income.
I am sure several mortgage pros will answer this question too. I would recommend consulting with one of them. If you need a referral, we can refer several to you as well.
Good luck !