Home Buying in 38103>Question Details

Camilleclf, Home Buyer in Memphis, TN

I'm a 26 yr with a credit score of around 700 and a little over $17,000 in savings. I make about $32,000 a year. What can I afford?

Asked by Camilleclf, Memphis, TN Sun Mar 17, 2013

I keep getting told that I can only get a loan for about $105,000. My monthly bills equal about $200 a month because I still live at home.

Help the community by answering this question:


Thanks contact a realty FIRST NATIONAL REALTY AGENT Connie N. 901-255-2745
0 votes Thank Flag Link Thu Nov 21, 2013
As you have heard several times, the first step is to choose a knowledgeable mortgage lender.
Try checking out your credit union if you are apart of one, their rates are normally lower. Please be sure to screen a Realtor before making that leap for them to represent you.
If you find a foreclosure it may give you more of a bang for your buck. Lastly keep your options open Memphis and Mississippi are very close and you may get more home and yard in Mississippi for your money. Any questions 901-598-7069 or 901-409-5490.
0 votes Thank Flag Link Wed Nov 20, 2013
I would suggest you contact Tim Atchley 901-260-1458 or you can Apply Securely Online @ https://www.evolvelpo.com/tim-atchley . He will shoot straight with you. When you have things worked out with him call me and I will find you a very nice home.
0 votes Thank Flag Link Sun Nov 17, 2013
0 votes Thank Flag Link Sun Nov 17, 2013
Realtors might just be the first step you take because most Realtors work with proven and trusted loan officers. Don't look up a lender on the internet or telephone book. A friend my be helpful in finding a lender. As a Realtor I do recommend you consult a loan officer but a Realtor can place you in the right place. Consult more than one loan officer. A good Realtor should always give you a couple of options and then you make your OWN choice.
0 votes Thank Flag Link Thu Oct 10, 2013
Flag Sun Nov 17, 2013
Please give me a call if you are looking for a great lender. 810-335-3503. Or you can send me an email at wallen@proficiomortgage.com and I can send you an inquiry form to get your paperwork started and try to get you pre qualified.

William Allen
Mortgage Banker
0 votes Thank Flag Link Thu Oct 10, 2013
Your focus should be less on the loan amount and more on the monthly payment. Also, keep in mind that if you want to buy something in a slightly higher price range, you can put money down and still keep your loan amount and payments low. I know $105K doesn't feel like a lot, but I've been able to find some great property in that price range. I'd be happy to assist you! I can be reached at 901-389-7108.
0 votes Thank Flag Link Wed Oct 9, 2013
Go to your bank mortgage calculator and it will provide information on how much of a loan you can receive.
0 votes Thank Flag Link Mon Mar 18, 2013
I'd love to speak with you and help narrow things down a little bit. Generally lenders will take about 40-45% of your gross monthly income ($1067-$1200) and then subtract your monthly debts listed on your credit report - credit cards, car loan, student loans, etc. The amount left over would equate to how much of a monthly mortgage payment you'd qualify for.

In this case based off of the information provided, that would come out to between $867 and $1000 per month.

From there we work backwards to arrive at a recommended or maximum loan amount. It could be more or less than $105,000 because this mortgage amount needs to include property taxes, homeowner's insurance, and PMI since you are putting less than 20% down.

Like I said, feel free to give me a call or shoot me an email. 10 minutes on the phone to answer a few questions can help make things much clearer.

I'm glad to help.


Tony Grech

Loan Officer -NMLS #966417

WCS Lending, LLC


Toll Free: 866.936.5363 ext. 278
0 votes Thank Flag Link Mon Mar 18, 2013
I suggest that you start by meeting with a loan officer at 2 local banks.
0 votes Thank Flag Link Mon Mar 18, 2013
Hello Pat and Steve,
My main goal is to help clients obtain the American Dream of Home Ownership. I am a Westlake Resident State of Ohio Licensed Mortgage Loan Originator looking to network with you both to help qualify your clients for their dream home purchase...Honest,Hard Working,with a treat people the way I want to be treated Mentality.Please consider me to assist with qualifying your clients mortgage needs.My contact information are as follows:Email marco_mercedes@yahoo.com Cell #(216)644-4783.Thanks so much for your consideration and just to think I came across your information searching for the 2013 Westlake Easter Egg hunt for an Easter activity for my 8 year old daughter Mercedes Aemilia:)We wish you a Blessed Easter.
Sincerely,Marco F.Scullion NMLS ID#294-386
Flag Fri Mar 29, 2013
On just a quick review of the information you've supplied, that seems to be a fairly close assumption. There are certain other factors and variables that come into play, such as the type of loan you're trying to secure, the home, where it's located, the taxes on the property, and other issues about debt and income that you should go over with your lender.
If you would like more information, or need help finding a lender, feel free to contact me and I'll do my best to help you out.

Michael Bellaire
0 votes Thank Flag Link Mon Mar 18, 2013
Mortgage Loan Officer is the place to start just like the other folks suggested that you do. A lot will depend on what type of loan you can qualify for at the time you are ready to buy. Interest rates can vary depending on the loan you can get. Realtors usually don't stay that close to loan qualifications. Rule is that Realtors help buyer and seller locate and sell or buy a home. Professionally they should not be quoting this type of information.

I work with a very qualified lender loan officer at Bank of Bartlett Mortgage. Her name is Vivian Smihey,
Google - vivian smithey bank of bartlett mortgage - she is second on the list,
0 votes Thank Flag Link Sun Mar 17, 2013
Please see our blog below about calculating your monthly mortgage payments....As a general rule, mortgage payments should not exceed 25-30 percent of your monthly take-home pay. Please call me, if I can help you get qualified for a loan and find that home you are looking for.

Doug Conner (901-590-5749) - Cell #

0 votes Thank Flag Link Sun Mar 17, 2013
A lot depends on where you want to live in Shelby County and how much money you put down as down payment. Lowell answer is spot on; you need to talk to a quality lender and also a Realtor. If they work in conjunction with each other, they will be able to help determine what will be the best loan for you and where you can afford to live. I have helped many young first time home buyers find the perfect home. Feel free to contact me by email at bill@billmaury.com, and I will be happy to assit you. Happy St. Patricks Day!
0 votes Thank Flag Link Sun Mar 17, 2013
The first stop for a home buyer should be a local mortgage company. Local banks and mortgage companies are aware of local buyer assistance programs. If you would like a list of mortgage loan officers who specialize in first-time buyers, please feel free to contact me.
Joe Spake
0 votes Thank Flag Link Sun Mar 17, 2013
Give me a call so we can discuss. I would be glad to assist you. (901) 230-1694 Houston.Richmond@gmail.com

Houston Richmond
Adaro Realty, Inc
0 votes Thank Flag Link Sun Mar 17, 2013
Have you talked to a loan officer? I would talk to a loan officer at the place where you bank at first.
0 votes Thank Flag Link Sun Mar 17, 2013
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