I am a loan officer with First National Bank. Let me know if I can help.
Kyle
kyle.glenn@1stnb.com

Josh is on target, but really what you want to do is get prequalified first, before you look. That will give you an exact amount of what you can afford with all your specifics taken into account. That is your income, your debt, your assets.

Ann,

Considering your PITI, you may want to expect around a monthly pmt of roughly $1400. If you take the standard 35% allowed for a monthly mortgage payment then you should make roughly $4,000 gross. This is also not considering other debt you may have. You should confide in a reputable lender to get much more accurate information than that. Hope that's a start.

Best of luck
Josh

Hi Victor,

Roughfly speaking your $140,000 loan will equate out to a principal and intrest payment of about $885.00 per month at 6.5% interest. You will need an income of about $2,000 to $3,000 per month to qualify for this much of a loan - depending on several other factors.

The best advice I can give you is to call a lender for specific qualification guidelines. There are many issues you need to get guidance on before you will be totally comfortable moving forward.

First, what is your credit rating? Your credit rating will dictate the interest rate lenders will be able to quote you. The better your rating, the lower the interest rate. Thus, the better your monthly payment will be and the larger the loan you will be able to qualify for. So, before anyone can say how much you can qualify for, they will need to know what your credit rating looks like.
Second, there are many different types of loan products available for you today. The best loan program for you will somewhat be dictated by how long you intend on staying in your next home. If you think you will only be there for 3 or 4 years, you might want to consider a 3 year ARM (adjustable rate mortgage). If you will be there more than 5 years, you will probably want to lock in a 30 year fixed rate mortgage. The point is, the interest rate for both will be different and therefore the maximum loan amount you qualify for will be different.

Hope this helps you. If you want a really personable and knowledgeable lender to call, try calling Jeff Speich - Cherry Creek Mtgage at: 303-930-5165.

Let me know if I can help you further. Bill Kosena - 303-796-0957.

You can go to http://bankrate.com/ to find out what you can qualify for then get a Texas mortgage lender to get you qualified. If you decide to buy a new home from a builder please visit my website to save even more money.
J.