we pay 1250 a month to rent,combined annual income of approx. 50k. my credit 540, hers 700.how much can we afford/qualify to borrow?

Asked by John Burke, Philadelphia, PA Thu Oct 27, 2011

With insurance, interest and taxes on a 30-year fixed rate, how much can we afford and still keep our monthly mortgage payment at or below $1000? can we afford a 180k house with insurance and taxes? in the form of an FHA loan? what is a good % to add on to the house price for insurance?

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Ana Barlow, Agent, Philadadelphia, PA
Thu Oct 27, 2011
Hi John,

Obtaining a mortgage is dependent upon more data than you have provided, additionally, you should be directing this question to a qualified mortgage broker or brokers that can give you a prequalification status or steps for an action plan to obtain a prequalification, which you will need to make an offer on a propety.

One score, at 700 will serve you well, the other at 540 needs work. It is always advisable if a couple is purchasing together that they hold the mortgage debt and the ownership of the property equally. This is a wise step.

That being said, speak with at least three mortgage brokers that come recommended to you. Choose one with whom you both feel comforatable. Create an action plan to address and raise your 540 score,. This broker will also provide you with a price range that will be appropriate for you given all of your fiscal circunstances. How much debt you both carry will come into play very stongly. The type of loan you choose can create variations in what you can afford as well, some loans require as little as 3.5% down, others 10% or more and then you will need to be prepared for out of pocket costs and settlement costs. You will need to speak with a qualified mortgage broker about your personal picture and have them help you make the best decsion in your journey to buying a home.

I am able to provide you with the names of several mortgage brokers in the community. Please feel free to email me privately if you are in need of recommendations or have addtional questions.

Ana Barlow, Coldwell Banker Preferred, Philadelphia

0 votes
Sally Grenier, Agent, Boulder, CO
Thu Oct 27, 2011
Sounds like your credit score is a bit low, and you may have to rely on hers. She'll need decent income, and a good debt-to-income ratio. I have a great lender I can refer you to. Please contact me directly.
0 votes
Phil Green, , Philadelphia County, PA
Thu Oct 27, 2011
Hi buyer,

I would love to go over this information with you. Please give me a call.


Phil Green
215.852.2041 c
0 votes
, ,
Thu Oct 27, 2011
Hello John,

How much is her income because you cant get a mortgage with that score.

Best Regards,
Alan Openshaw
Cornerstone Lending
Southampton Pa
267 992 7276
0 votes
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