Tena Xyong, Home Buyer in Sacramento, CA

so I have been fixing my husband's credit. and its is good now. he has excellent credit.. so how much can we afford how to find out

Asked by Tena Xyong, Sacramento, CA Fri Apr 18, 2014

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Shelly Long, Agent, Sacramento, CA
Sun Jun 29, 2014
Hi Tena,

I agree with the advice you're receiving here, however one thing I don't see pointed out is that you need to be careful in having too many loan officers pull your/his credit as this will negatively impact your credit score, which will impact your ability to buy...especially if his score is right on the cusp of qualifying.

I typically advise my Buyers to contact 2-3 loan officers, tell the same "story" and listen to what they have to say, as well as how you feel about the information and the connection, or lack thereof, with them.

Remember, this person will know all your intimate financial details, so you really want to get a good sense of trust, rapport, and friendliness. Sometimes this cannot be accomplished over the phone, so perhaps a meeting is necessary. Do not worry if it takes a week or two to do this, as houses aren't going up thousands each day, so take your time and be diligent about it.

You can Google questions to ask. There are also first-time Buyer classes you can take. Lastly, there are also Realtors who can help guide you as well.

Good luck,
Shelly Long
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Ponce' Deleo…, Agent, Rocklin, CA
Fri Jun 27, 2014
I would recommend working with a local broker. I have a great lender that I can refer you to. They will be able to review your credit and income to figure out how much you currently qualify for at a monthly payment you are comfortable with. Once you know your numbers, you can start the home search! I have a great lender I can refer you to here in Sacramento. Contact me via my profile if you are interested. Good luck!
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Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Tue Apr 22, 2014
First off, as long as both of your scores are above 580, then you should be good. Lenders like myself can go as low as 580 when it comes to credit scores. If you want to see how much you can get or the loan amount you will receive, you will need to speak with a lender directly. Then you will be able to share your financial details so that the loan officer can analyze your finances to give you an accurate estimate of how much you can afford. Until then, we will not be able to give you an accurate amount of how much you can afford. The best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
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allan erps,A…, Agent, Pearl River, NY
Sat Apr 19, 2014
Other factors will prevail. Income, Credit to Debt Ratios etc. Please consult a Mortgage Lender for the best results.
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Randall Ortiz, Agent, Sacramento, CA
Sat Apr 19, 2014
Contact a lender or mortgage broker and they will help you figure that out. Let me know if you need a referral.
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Martha McCar…, Agent, Lyons, CO
Fri Apr 18, 2014
As of March, 2014 the new rules are 42% of your gross income can go to all debts. So, multiply your monthly income by .42 to find out how much you can afford for payments. Then add up all your credit card minimum payments, car payments etc. if you have any and subtract that amount from the 42% number. Also, remember, your total monthly house payment will also include taxes and insurance and maybe mortgage insurance. Feel free to call me for further explanation. Martha 303-378-9488
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Jason Walter, Agent, Sacramento, CA
Fri Apr 18, 2014
It looks like your question was cut-off but if you're interested in learning more about how much you and your husband would qualify for then contact a local loan officer. I would recommend calling Dana Reed at 916-768-4298.
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Cindy Davis, Agent, San Diego, CA
Fri Apr 18, 2014
Your best bet is to meet with a local mortgage broker in your area. You will need to complete a mortgage application...and have the lender look at your credit, your income, your debts, etc. Only by going through this process will you truly know what you can afford.

Good luck.
0 votes
There are a lot of factors that go into getting a home loan. Sitting down with a Loan Officer who can show you several different kinds of loans and determine which one would be best for you is your first step. The a Realtor can start showing you what would work for that type of financing and fits your needs.
Flag Tue Apr 22, 2014
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