Home Buying in Union>Question Details

Darlenelabady, Home Buyer in Edison, NJ

My credit score is over 700 and I earn 55k a yr, how much will I get approved for in the Union, NJ area? I

Asked by Darlenelabady, Edison, NJ Thu Aug 18, 2011

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Annette Levinson’s answer
Take Donna's advice and speak with a mortgage officer. The mortgage officer should also be able to give you an underwritten preapproval so you can shop in confidence.
1 vote Thank Flag Link Thu Aug 18, 2011
And Mr. Ross is correct that you could go up to $250k if your total debts are under $500 per month. This is assuming 4.25% FHA loan
0 votes Thank Flag Link Thu Aug 18, 2011
Assuming $6500 in taxes, $750 in insurance, $800 in total monthly debt eg. car payment, credit cards, and student loans. Putting 3.5% you would be approved for no more then $200k at a rate of 4.25%
0 votes Thank Flag Link Thu Aug 18, 2011
Hi Darlene,
The amount you will be approved for will really depend on a number of other variables such as, how much other debt you have, how your income is reported on your tax returns, and a number of other factors. The best thing for you to do is find a reputable lender and sit down with them to go over all of your details. That way, when you begin your home search, you will really know exactly what you can afford and you won't be disappointed or waste your time looking at properties that may actually be out of your financial reach.
When the time comes to search the Union marketplace, don't hesitate to contact me! I am an expert in this market area. Best wishes and good luck!
-Donna Clayton
0 votes Thank Flag Link Thu Aug 18, 2011
Call Jeremy Knapp at Residential Home Funding. He can answer your questions about mortgage programs and pre qualify you. Jeremy and Residential are great. Cell: 973-214-8311 JKnapp@RHFunding.com http://www.RHFunding.com
0 votes Thank Flag Link Thu Aug 18, 2011
You will get approved for $200K-$250 and it doesn't limit you to only Union. You may find more homes that are to your liking in other areas but if you prefer Union you could find a 3-4 bedroom 2 or more bath home in that price range. If you would like to discuss your situation please let me know when your available to talk.
0 votes Thank Flag Link Thu Aug 18, 2011
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