Home Buying in Queens>Question Details

Annie  Lu, Home Buyer in Queens, NY

If my income is 4000.00 per month how much i will be qualified to pay for the mortgage and maintenance ie. maintenancr mortgage payment can not

Asked by Annie Lu, Queens, NY Tue Jun 25, 2013

exceed 28% of my income, $4,000*28% = $1120,
that means my maintenance mortgage payment can not exceed $1,120.00

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BEST ANSWER
Annie, not necessarily true. It's difficult for us to be able to know what you qualify for because we would need to also know what monthly debt you carry.

Also, the example you gave here isn't necessarily the way it is. Again, depending on other determining factors, you qualify for a higher percentage than 28%.

I would strongly suggest you meet with a Loan Officer and go over all your credit information and documents. Then you'll know more accurately what exactly you would qualify for, estimated monthy payments and everything else you're thinking of. I'm always available to meet should you have any questions or need a Loan Officer who can help you. Good luck!

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Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Tue Jun 25, 2013
Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore rather than relying on guesswork, for a personalized answer visit with any licensed loan officer....
1 vote Thank Flag Link Tue Jun 25, 2013
That is correct and generally co-ops are the ones that have those requirements. That 28% is also assuming you have no other debts I.e. car loans or student loans.
0 votes Thank Flag Link Fri Aug 2, 2013
HI Annie

Really can't give you a figure because it's not only your income that is included into the formula it also depends on what they call your debt to income ratio, your best bet is to sit down with someone that does mortgage


Thanks Felix
Robert Defalco Realty
(917)692-7702
0 votes Thank Flag Link Wed Jun 26, 2013
THERE ARE TOO MANY VARIABLES TO GIVE YOU AN ACCURATE ANSWER. HAVE A LOAN OFFICER RUN YOUR CREDIT REPORT & PRE QUALIFY YOU. THIS WILL PUT AN END TO ALL THE GUESS WORK & IT & DOES NOT TAKE LONG.
0 votes Thank Flag Link Tue Jun 25, 2013
It all depends who u taking your mortgage from . A big bank or direct lender .they do the math differently
0 votes Thank Flag Link Tue Jun 25, 2013
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