Home Buying in 75077>Question Details

Ann, Home Buyer in Victor, IA

I am recently divorced and am looking to buy a house in the $250,000 price range, I have about $110,000 for a

Asked by Ann, Victor, IA Wed Feb 27, 2008

down payment...how much income would I have to have to mortgage the balance of such a house price.
Thank you

Help the community by answering this question:


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.
1 vote Thank Flag Link Wed Feb 27, 2008
Hi Ann,

Here is a link to guide you through the path of homeownership. This is goverment site to help buyers learn and understand the home buying process .

With the information you provide, you will receive a general estimate of how much you can afford to spend on a house based on your income and monthly debts.

The loan calculator gives estimates for FHA, VA and Conventional loans based on the home sale price and state you provide.

Use the link below or visit http://www.ginniemae.gov/ypth/index.asp?subTitle=YPTH
0 votes Thank Flag Link Thu Nov 17, 2011
Hi, if you are interested in a home in a great area, look at my home. 2529 Jacobson Dr., Lewisville, TX 75067. I am the home owner and can save you money since I don't need to increase the price to cover the 6% paid to the realtors. I currently have the home leased because I moved to Seattle, WA where I currently live. If you are interested please give me a call or email me and we can talk about your options.

I am asking $219,000. 2385sqft. 3 beds, 3.5 bath, 2 car, bonus room, sun room, 2 living areas, large walkin closet in master with garden tub and shower. There are lots of upgrades. Appraised for $245,000 in 2007 when I puchased it. Great location near Vista Ridge Mall, Costco, Coppell, 121, 35E.

We could even do an owner fiance option.


2529 Jacobson Dr
Lewisville, TX 75067
0 votes Thank Flag Link Sat Jun 11, 2011

If you're still in the market, interest rates have never been lower, below 5% with no points on a fixed 30 year mortgage. Lenders typically want credit scores above 600 and debt to income ratios well below 50%. If you have little to no debt, and are looking to finance $140k, your Principal, interest, taxes and insurance, should be around $1400/month. You'll need around $3500/month gross income, assuming no debt. This is only an estimate and I encourage you to speak with a mortgage advisor to determine your specific circumstance. We have an in-house mortgage advisor who can help you. Please contact me if you still need help.

Dan Harkrider
Coldwell Banker
0 votes Thank Flag Link Wed Mar 3, 2010
I am a loan officer with First National Bank. Let me know if I can help.
Web Reference: http://www.1stnb.com
0 votes Thank Flag Link Tue Sep 22, 2009
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.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Wed Feb 27, 2008
Bruce Lynn, Real Estate Pro in Coppell, TX

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
Web Reference: http://www.exposedhomes.com
0 votes Thank Flag Link Wed Feb 27, 2008
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.
0 votes Thank Flag Link Wed Feb 27, 2008
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