how much does an annual salary of 46k qualify for in house payments?

Asked by Kelley Bracken, San Diego, CA Tue Jul 30, 2013

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17
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Wed Jul 31, 2013
Some great, detailed answers below. If you're a first-time buyer and would like to get a thorough overview of the home purchase process, but you don't have much time, consider joining my free webinar on August 6th. I cover all of the basics of home loan qualification in 20 minutes. We specifically address the root of your question above and the link for registration is below.

Thank you!

Rob Spinosa
rspinosa@rpm-mtg.com
1 vote
JR Thrasher, Agent, San Diego, CA
Wed Jul 31, 2013
I think Darren is most correct as far as monthly payment is concerned. That equals about $150,000 purchase price. That means you should be looking at condos. Subtract $1000 from the $150,000 for every $7 of HOA payments. So if a condo has an HOA of $300 your max price would be somewhere around $110,000.

These are just rough numbers to give you an idea of how things work. Each situation should be evaluated by your mortgage broker.

J.R. Thrasher
http://www.SanDiegoRealEstateVeterans.com
(619)929-0105
1 vote
Chris Kugler, Agent, San Diego, CA
Tue Jul 30, 2013
It is not that simple to answer. For each person it would be different. It depends on how long you have had your job, how much debt you have, how big your family is and a lot of other things. These go into a formula that a lender uses to determine what you can qualify for. I would be happy to let you talk to my lender to see what you would qualify for and what your monthly payments would be both on a single family home and in a condo. Give me a call anytime. Sorry I couldn't be more specific. Chris Kugler, Broker Associate, Zip Realty 619 846-4881
1 vote
Cindy Davis, Agent, San Diego, CA
Tue Jul 30, 2013
It's not only about annual salary Kelley. Qualifying for a mortgage is a rather complex process. The ledners take intio account your income, your credit report, your assets, and your other monthly expenses and debts.

Feel free to contact me direclty and I will refer you to some good lenders in the area!

Cindy Davis
619-379-8616
1 vote
Constantine…, , San Diego, CA
Tue Jul 30, 2013
It depends how much you have outgoing on a monthly basis towards car payments, credit cards, other mortgages etc. If you don't have ANY outside expenses, you could probably do about $1,750 or more including property tax and homeowners insurance. Also, you would need to qualify inclusive with any HOA dues and/or mello roos.
Hope this helps!! Call me if you have any more questions! 858-848-LOAN
1 vote
Ruth and Per…, Agent, Los Gatos, CA
Sat Nov 2, 2013
Hi Kelley

Talk to the many fine lenders responding to you to this query

Or call

http://www.cashcall.com

Good luck

Perry
Web Reference:  http://ruthandperry.com
0 votes
Mike, Home Buyer, El Cajon, CA
Sat Nov 2, 2013
Seriously Kelley,

It does not matter how much you qualify for; DO NOT get yourself into a situation where your mortgage payment, property taxes and property insurance are more than 25% of your gross income, so about $1000 per month at the most! With decent credit and little to no revolving debt, 20% down and a stable job history, you will qualify for more, but do not do it!
0 votes
, ,
Thu Aug 29, 2013
There are several factors that go into that:

1. The interest rate but there are several factors effecting the rate.
A. interest rates fluctuate every day.
B. Your credit score
C. The amount of your down payment.
2. The loan program in question.
3. Debt ratio, which includes your other debt like car payments etc.

So it is a little more complex than what you may have expected. You should be able to get a mortgage.

Being that you need to go through the exercise of get qualified, you should consider using Tri-emerald because of our funding guarantee that no one else has.

Rich Littlefield
949-297-1207
NMLS 287206
0 votes
Bill Eckler, Agent, Venice, FL
Fri Aug 2, 2013
There's much more than one's income that enters into the approval amount equasion. For the most reliable information you should consider contacting a mortgage representative.

Good luck,

Bill
0 votes
Alexander Gr…, Agent, San Jose, CA
Fri Aug 2, 2013
We can certainly help you out. You can check us out at http://www.TheMortgageOutlet.com and give us a call. One of our loan officers will look at your situation and present you with some options.
0 votes
Robert Chome…, , San Diego, CA
Wed Jul 31, 2013
I'm assuming we are talking less then 10% down. If you have no other debt, probably about $1,725/mo in total housing payment.
0 votes
J, Agent, Greensboro, NC
Wed Jul 31, 2013
All speculative, interesting and good opinions. I would suggest going straight to the source and call a few lenders and request they run a few loan-based scenarios through their software regarding your current credit score and financial criteria. You will know in under 15-20 minutes if and what you qualify for. I hope this helps and best of luck to you.
0 votes
Erich Morgan…, Agent, Lakeside, CA
Wed Jul 31, 2013
HI Kelley, With all those answers , things might seem confusing , lets start at the beginning, before you get into number crunching you will need to know what loan products are available to you; ask yourself questions like "have I(or spouse) ever been in the military?" >"do I (or spouse) qualify for any special programs due to my career" > " how much can I comfortably put down on a home?" .Once you have a good idea of what type of loans will be available to you, contact a lender that specializes in those products; I highly recommend a local loan officer rather then someone solely internet based or in TX or AZ etc, this will make communication and document delivery much more efficient. Once you know the type of loan you will be using, it is a excellent idea to contact a Buyers agent, to quickly familiarize you with trends in the local micro markets. Erich
0 votes
Gregorio Den…, , San Diego, CA
Wed Jul 31, 2013
Palm Springs Buyer says.

"Which according to my calculations (@4.5% fixed) equals a purchase price of over $300,000 if the borrower is putting 20% down for a standard conventional mortgage. "
------------
This would assume that they had no other liabilities at all.

If they truly had no debt and were looking to push the limits, they could qualify for a $300,000 purchase with 20% down.

Using your number of 4.5%, that breaks down as follows:

$300,000-20% down = $240,000 loan amount

$1216.04 P&I
$75 HOI
$312.50 Tax
________________
$1603.54 Payment

Income is 3,833.33 / MO

DTI is 41.835%

With new QM guidelines looming 43% DTI should be the max.
Also note that there is no 'cushion" at this DTI so it's not something I would recommend, but it would be approved assuming the requisite credit score.
0 votes
Curly Sue, , Texas
Wed Jul 31, 2013
Palm Springs Buyer...you're assuming a lot. The only info you've been given is $46K salary.
0 votes
Palm Springs…, Home Buyer, Palm Springs, CA
Wed Jul 31, 2013
Hey guys,
I'm a bit confused:
With a 45% back end DTI, the borrower should be able to qualify for up to $1,725 of monthly outgoing expenses, including mortgage payment, property tax, and insurance.
(.45*46,000)/12 = 1,725
Which according to my calculations (@4.5% fixed) equals a purchase price of over $300,000 if the borrower is putting 20% down for a standard conventional mortgage.
What am I missing? Let me know. It's been a hectic morning. lol
0 votes
Darren Carlin, Mortgage Broker Or Lender, Pleasanton, CA
Wed Jul 31, 2013
Good morning Kelley, if you have no debt then as a general rule that salary would qualify you for $1000 to $1,100 per month mortgage payment. as mentioned here by the other agents there are other qualifying factors.
0 votes
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