If I have a 28,000 income per year, I have 50,000 down and excellent credit. What would my max loan be?

Asked by Afshan, Brooklyn, NY Tue Apr 10, 2012

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6
Anna M Brocco, Agent, Williston Park, NY
Tue Apr 10, 2012
For a personalized answer visit with any licensed loan officer; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
1 vote
Jacques Ambr…, Agent, Forest Hills, NY
Tue Apr 10, 2012
This question will also depend on your credit score, interest rate, and your debt service. I reccomend getting a pre-approval from a lending institution
1 vote
, ,
Fri Jul 20, 2012
Dear Afshan,

Sit down face to face with your Mortgage Banker to be thoroughly prequalified. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Focus on what your monthly payment will be for the mortgage financing, including taxes and insurance. If that payment is within your means, then your Mortgage Banker will determine the maximum loan/purchase price for you, based on all the factors of the monthly payment, your down payment and your mortgage qualifications.

When making an offer, never exceed the price based on your mortgage qualifications, no matter how much you LOVE the home. You have to be able to afford the payment for the next thirty years.

You can verify the License of any Licensed Mortgage Loan Originator at nmls.consumeraccess.org

Hope this helps!

Trevor Curran
NMLS #40140
0 votes
Jack Menashe, Agent, Brooklyn, NY
Tue Apr 10, 2012
back into it; you need appx 20% down and your monthly payment should be approximately 1 weeks worth of your salary (Unless FHA).

Call a pro;

Alex Narod - Cross River - 917.520.7147
Larry Aboudi - Investors - 917.696.2360
Mike Franco - HSBC - 917.604.4320
0 votes
Mitchell Fel…, Agent, Brooklyn, NY
Tue Apr 10, 2012
Dear Afshan:

You need to meet with a mortgage banker and get yourself pre-qualified. In order to do that you will have to show them your last two years tax returns and W-2 forms, last three months bank statements showing the money you will be using for your down payment and closing costs and then they need to run your credit report. After that the bank will be able to tell you how much you can borrow, what type of interest rate they can offer you and how much your closing costs will be.

Generally speaking the closing costs will be about 5-6% of the loan amount and you can finance that money if you are short on cash. Assuming you have no other debt, the bank may be willing to allow you to spend up to about 40% of your income on your living expense also known as PITI (principle, interest, taxes & insurance). Hence with your income that would break down to about $933.34 per month. If you subtract for taxes and insurance, that number becomes $533.34 which represents your mortgage payment. With that type of number you probably will not be able to borrow more than $105,000.00. If you then add your down payment of $50,000.00, then you can spend up to $150,000.00.

These numbers will vary from person to person depending on the individuals qualifications. If I can be of further assistance, please let me know. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes
Christine Br…, Agent, New York, NY
Tue Apr 10, 2012
Normally, lenders will take 25% of your monthly income.
0 votes
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