Carl Topley

It is best that you address this question directly with a lender, as there are a number of factors that affect your borrowing capability. The biggest ones are your debt-to-income ratio and down-payment capability.

Terms and conditions can vary greatly from lender to lender, so it is a good idea to "shop around" a bit. By the same token when shopping, DO NOT authorize EVERY lender you speak with to pull your credit report because EACH inquiry can "ding' your credit rating.

If you have an established relationship in good standing with a lender, you might want to start there first. If you authorize them to check your credit, get them to tell you what your FICO score is and tell any subsequent lenders what that number is, (BUT AGAIN, DO NOT AUTHORIZE ANY LENDER TO DO A CREDIT RATING INQUIRY UNTIL YOU ARE SATISFIED WITH THEIR TERMS.)

Institutions that you have a history in good standing to begin with are a good place to start asking about your "purchase power", but it never hurts to "shop". Locally owned banks in your community often have better packages than the "National Franchises". Additionally, Mortgage Brokers can sometimes produce better loan terms on a mortgage, but their up-front fees can be higher. If you plan to stay in the home you purchase for a minimum of 5 years, sometimes the higher up-front fees can significantly off-set the interest paid over the term of your ownership. Everyone's financial posture and circumstance is different so the ONLY entity that can give you a "straight" answer is a lender.

If I can be of assistance please let me know. I am easy to find.

-Carl - Fri Jul 24 2009, 14:14