Home Buying in Falcons Lair>Question Details

Sweet_D, Home Buyer in Arlington, TX

My credit score is 703 while my husband is 667. On what amount of house we should try to purchase?

Asked by Sweet_D, Arlington, TX Mon Jan 28, 2013

This question was asked from this property: http://www.trulia.com/property/3105543860-4809-Egret-St-Mesq…

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Hi Sweet D,

Your credit score isn't really factored into what you can afford - it's mainly used as a qualifying factor. Your income, the ratio of your current debt to that income, the amount of your down payment, and the taxes will play the most important factors in determining the total amount you will qualify for. You should sit down with a mortgage professional who will review your finances, run the numbers, and determine what you qualify to borrow.

Additionally, and more importantly, you'll want to run the numbers yourselves and determine what you can confortably afford based on your situation. What a mortgage professional advises you qualify for - might not be what you can actually afford to pay when you factor in all the other expenses of owning a home.

Hope that helps!
1 vote Thank Flag Link Mon Jan 28, 2013
This all depends on you and your husband's combined income. Your credit scores are great for a low-interest low. Your income is the determination.
0 votes Thank Flag Link Thu Jan 31, 2013
CONGRATS wth high scores. Qualify are questions you need direct to a lender. Each file is different all lenders require approx. 3.5% or more as a down payment , 2 years employment, and much more.

Contact my office today where I can show you many amazing homes work with your family specifications.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer

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0 votes Thank Flag Link Tue Jan 29, 2013
You have good scores also. Lenders are asking for 620 - 640 now.
0 votes Thank Flag Link Mon Jan 28, 2013
You would need to answer that question on your own after the lender gives you a loan amount.
You should really only borrow what you can pay back each month comfortably.

So say the bank will loan you 175K and the payment is around 1625.00 a month with taxes and insuracne and principal. Now say you want to only pay 1450.00 a month then you need to ask the lender to do a montly estimate at 150K for a loan.

This way you know how much to borrow, by deciding on how much you can afford a month and still have your rainy day fund.

Plus you will need some money to put down, either 3.5 or 5% for the down payment and then the closing cost. Also the inspection money 300-500 est, earnest money 1000.00 est, and apparsial money 500 est.
0 votes Thank Flag Link Mon Jan 28, 2013
Thanks a lot! This really gives me an idea on what the scenario would be.
Flag Mon Jan 28, 2013
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