My husband and I make 40000 a year, we want to buy a house. We have good credit and we only have a montly

Asked by Bromero, El Paso, TX Sat Aug 15, 2009

We have good credit and we only have a montly payment of 500 and insurance for a truck. More less what is the price of the house we should be looking for? maximum price we can afford?

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8
Lane Harris, Agent, El Paso, TX
Sun Aug 23, 2009
It’s a buyer’s market in El Paso and a great time to buy! Based on the information you provided your max home price should be around 120K. However, this can vary depending on your interest rate, home insurance and location. What part of town are you looking to purchase your new home on? It’s always best to consult a qualified REALTOR and or mortgage professional before you commit time searching for your new home, as this can save you time, energy, and most importantly heart ache. Please feel free to contact me, Lane, for further questions or a list of potential homes in your preferred area. Lane Harris (915) 443-8423 or LaneHarris@sellersbuyers.com
0 votes
Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
Mon Aug 17, 2009
$100K - $120k Would likely be the maximum loan depending on real estate taxes and insurance.
Note, that if you find a HUD home or foreclosure with a much higher county assessed tax value, this would drastically lower the loan amount.
Please feel free to contact me directly for follow up questions.

You should contact a loan officer that can preapprove you right away so you do not waste any time looking in the wrong price range.

Tom Burris
Mortgage Banker
214-763-4629
tomburris@dallasloanguy.com
0 votes
Dallas Texas, Agent, Dallas, TN
Sun Aug 16, 2009
Only professional who can make that decision provide you correct info. is a mortgage broker who can review your file. You would need approx. 3.5% - or + dowpayment, insurance , taxes, inspection, appraisal, escrow.

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
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Lynn911
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0 votes
Margaret T.…, Agent, Conroe, TX
Sun Aug 16, 2009
Bromero,
I am a Realtor and too far away to assist you other than to give you referrals to Realtors that I know that would also put you with Loan officers. The reason I start with this is that I am going to tell you that if you are reluctant to call a loan officer until you know a little more about what you can afford you can go to my web site and there is a place where you can pre qualify your self as to payments. Only a loan officer can fine tune that because there will be other factors that come into play.
Your FICO will have to do with you interest rate on all loans except the FHA loan.
The insurance, POA dues and Taxes will have to do with the final payment so you will want to watch areas where the MUD taxes and/or POA dues are high, but this will give you an idea of what you are talking about.
Do not contact a website lender, contact a local person or a person your Realtor refers you to so that you have a real relationship and hopefully are not overcharged.
Margaret
0 votes
Bill Eckler, Agent, Venice, FL
Sun Aug 16, 2009
Bromero,

A visit with a lender should provide you with better understanding of this. Our recommendation is to speak with several different agencies and request a "good faith estimate" from each.

A good faith estimate is simply a written account of the rates and programs the agent quotes you.

This is a great time to be considering purchasing property.......

Best wishes,
The Eckler Team
0 votes
Rick Snow, Agent, El Paso, TX
Sat Aug 15, 2009
there are a lot of factors to consider when determining what you can afford, past credit history, etc. But based on the income you have you should be okay looking somewhere around $100,000. That could fluctuate a bit depending on the type of loan and amount of down payment. A good general rule of thumb when estimating your house payment is 1% of the loan amount. A $100,000 loan would make your payment about $1000.
0 votes
Joy DeLucia, , Holmdel, NJ
Sat Aug 15, 2009
Get in touch with a mortgage rep. Speak with 2 or 3. Here in Monmouth County New Jersey we have Home Buyer Seminars that are very informative, even for the experienced home shoppers. Perhaps they offer them in Texas. There are so many variables, how much are you putting down, can you go FHA, what is your credit score, what interest rate, is that $40,000. before or after taxes, how much are property taxes in the area ....Your best bet is to get pre qualified...when you look at homes, you can look with confidence....when you want to make an offer...you are pre qualified and can make an offer with good terms. Good Luck
0 votes
Patrick Thies, Agent, Anytown, IL
Sat Aug 15, 2009
You should speak to a lender. They will be able to tell you exactly what you can afford. You should be able to get this information from them without any obligation.
0 votes
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