Asked by Cb1999nj, Elizabeth, NJ • Fri May 8, 2009
Recently visited a 07601 realtor's website to look at some information for 1st time buyers. On the site it stated that if you can afford 1500-2000 a month then you can afford a house from 250000-300000. The realtor referred me to their loan department. They did not seem too familiar with VA loans. Long story short, I was pre-approved for 200000 VA . This info kind of took the wind out of my sail as I had been looking at houses in the range listed above. As I told the mortgage person, what house can I buy in Teaneck with a mortgage in that amount. Not interested in a condo. So basically, I have a credit score of 690 which should go up on 5-24 on my next report. I made about 51k last year. The only bills I have are car insurance, some school loans about 250/mth and my credit cards will be paid in full in 2 months. Does the loan amount sound correct? 200000/30/12=555.55 I can afford at least 1500-1700/mth. Is it possible to get a higher loan or is Teaneck out of my range. TY
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