Financing in Maryland>Question Details

Gina, Home Buyer in Waldorf, MD

Hello. I want to buy a house and would like to know if I make enough to buy in MD without struggling. My

Asked by Gina, Waldorf, MD Mon Apr 7, 2008

annual is 50k, debt is minimal - about $1200. but this will be paid before buying. I'm looking in the Silver Spring to Largo area.

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With an annual income of $50k and no debt a lender will allow you use about $2080 for your mortgage taxes, insurance, condo fees, and private mortgage insurance. If you have any other monthly debt you can subtract that number from the $2080. The lender may allow you to go higher depending on the program and on compensating factors such as assets, down payment, and program. Let me know if I can be of any assitance to you as you can call me directly at 814-308-3276. Thanks
1 vote Thank Flag Link Thu Apr 10, 2008
Hey Gina,

The best thing I can tell you is to talk with a mortgage lender, because they can look at your whole financial picture and tell you both what you qualify for and what you can afford. The two are not necessarily the same, it all depends on what your comfort level is and, I know from experience, that can change once you start looking at houses and see what's available.

I can send you recommendations for three lenders whom I work with regularly, one with Metlife, one with Bank of America and one with BB&T. They are all very experienced and are actual lenders, not mortgage brokers who tend to get people in trouble. You want your real estate agent to have a good working relationship with your lender because they work closely together for you, coordinating everything to get you to closing on time.

With your salary and small debt, you should have no problem qualifying for a decent sized home in the area you want to be in, so long as you have a good credit history. Another good idea is to pull up your credit history for free from ALL three reporting agencies - Equifax, TransUnion and Experian - to make sure nothing is in there that shouldn't be. The higher your credit score, the better interest rate you will qualify for, which equals a lower monthly mortgage payment.

Feel free to contact me anytime. I would love to talk with you about finding a home and would be happy to send you my mortgage lender contacts. I'm licensed in DC, MD and VA.

My cell is 703-961-8663 and my email is

Good luck!
Kelly Putz
0 votes Thank Flag Link Sat Sep 12, 2009
Hi Gina,
Best thing is to talk to a mortage person to see what you can afford. Then sit down and figure out what your other bills are, as you can usually get approved for more than you want to spend. With minimal debt, you should be able to find something. It is also probably more affordable in Largo than Silver Spring...
0 votes Thank Flag Link Thu Apr 10, 2008
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