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.
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
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
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.
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