The best way to find out is to have the Freddie Mac computer give the answer.
I can do that for free for you. You can do the application at http://www.theloanapp.com or call me at 877-282-5789
Have you been looking at homes in your preferred areas to get a feel of the price ranges?
The best option is to speak with a loan officer. Following a free consultation, he/she will pre-qualify you and if you provide him/her with further info you can even get pre-approved.
The loan officer will explain to you whether you'll have to pay mortgage insurance or not, how much your monthly mortgage would be, the amount that will go in taxes etc....
I will be happy to provide you with contact info of a couple mortgage brokers. Just shoot me an email with your contact info.
C: 323 274 6995
I would say with your income you would qualify for about $2,600 a month payment, but do you really want to pay that much money every month?
Any further questions regarding financing then feel free to contact me and good luck to you.
To find out what you can actually afford, you will have to get qualified by a lender. The higher down payment is a plus but the controlling factor will be the debt to income ratio and your FICO scores.
United America Realty
There are many factors that come into play in answering your question. What is your credit score? How long have you been at your job? How much are you putting down? What are your other debts? Etc, etc, etc.
Start by getting pre-approved by a lender. They will look at all your factors and tell you how much loan you can afford. Then add that to how much down payment you want to make and you have your home price. Next find a realtor who you feel very comfortable with and who is going to negotiate the best deal for you and identify your new home. This way you are making decisions based on full information, and you know without me telling you, those are the best and most comfortable types of decisions. Happy house hunting and Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty