Spree8ball, Home Buyer in Bay Ridge & Fort Ham...

I have about 30k in the bank and ~780 credit score. what price range should i look for when i am searching for houses?

Asked by Spree8ball, Bay Ridge & Fort Hamilton, Brooklyn, NY Fri Jul 2, 2010

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11
Jeannette Batsikas’ answer
Depends on your income???? How much are you making, I know you wouldn't want to give your income over the internet but I'll give you an example an income of $90,000 a year with your credit score and down payment gives you a mortgage payment of about $2200 a month your mortgage limit should be no more then $400,000. This gives a person with this income enough room to have fun and enjoy a life while owning a house. If you have any questions feel free.... Jeannette Batsikas
0 votes Thank Flag Link Tue Jul 10, 2012
Hi

There many factors that come into play. The best place to start is to speak to a mortgage lender or

bank. Nick Iannetti with Citi-Bank 347-838-0261. Good luck. If you have any other questions don't

hesitate to contact me.

Regards

Michael Napolitano

Remax Metro
718-439-1110 Ext 28
718-612-3088
0 votes Thank Flag Link Mon Jun 25, 2012
There are other factors which also effect the afordability.
Like the debt ant its ratio ie...DTI
0 votes Thank Flag Link Tue Jul 6, 2010
The general rule of thumb is yearly income x 3 = safe mortgage Add in down payment for total house price).

However, talk to a real lender. They can help you out most here. You actual debt levels and other factors can change this along with interest rates changing up or down.
0 votes Thank Flag Link Sat Jul 3, 2010
We would have to look at he ratio and expences you have.
That way we will have a more clear picture.
Fajardo Delacruz
Licensed Real estate Agent
Century Homes Realty Group llc
Direct Line: 347-932-0609
0 votes Thank Flag Link Sat Jul 3, 2010
Begin by visiting with any qualified loan officer(s) first--he/she can best advise based on your total financial picture and the mortgage product that will best suit your needs.
0 votes Thank Flag Link Sat Jul 3, 2010
Good Morning Spree8ball great credit and congrats on your decision to start on your home search. Your next step is to contact a mortgage professional. I f I can help help in any way contact me by phone or e mail . Happy 4th to you and all.
0 votes Thank Flag Link Sat Jul 3, 2010
Talk to your favorite lender, with your bank perhaps since you have a relationship with them and talk to them about your desire to purchase a home. They will go over the loan process with you and you will end up with a pre qualification letter. The pre-qual letter is necessary with putting an offer on a property. That along with an escrow deposit shows that you are ready, willing and mostly ABLE to close on the proeprty.

Good luck on your journey. Just start with a lender!

Debra Albert, PA
Coldwell Banker Residential
Web Reference: http://www.ronanddebbie.net
0 votes Thank Flag Link Sat Jul 3, 2010
Hi,

It depends upon several more factors. First, congrats on an outstanding credit score. Your work history, income, debt to income, plus other factors will determine the decisions a lender will make.

Here is a list of mortgage calculators that can be quite helpful for buyers contemplating a purchase.

http://www.mtgprofessor.com/calculators.htm

Deb
0 votes Thank Flag Link Sat Jul 3, 2010
Deborah Madey, Real Estate Pro in Brick, NJ
MVP'08
Contact
Absolutely contact a mortgage broker...they can provide a "prequal" based on the verbal information they provide.

What is really important thought is to go for a full pre-approval....you will need to provide pay stubs, income tax returns, etc.

A full pre-approval means you are totally ready to purchase and are awaiting only two items; a Contract and an Appraisal. This makes you almost as good as a full cash buyer and will put any offer you make way ahead of the competition.
If you need names of mortgage brokers, I will be happy to suggest: gail@gailgladstone.com
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Sat Jul 3, 2010
You really need to speak with a qualified and trustworthy mortgage broker or bank loan officer. It will depend on your income and current level of expenses. If I can assist you when you're ready to look at houses, please feel free to contact me. Good luck and congratulations!

Ralph Windschuh
Certified Buyer Representative
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
0 votes Thank Flag Link Sat Jul 3, 2010
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