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hearts4worsh…, Other/Just Looking in El Paso, TX

If I make $75,000, great credit, not a lot of debt, will put $15,000 dollars down would I be able to purchase a $200,000 dollar house?

Asked by hearts4worship, El Paso, TX Tue Oct 23, 2012

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This question was asked from this property: http://www.trulia.com/property/3095879881-6262-Air-Force-El-…

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Lenders use what is called a debt-to-income (dti)ratio to determine your eligibility. They use two different ratios. The front end is the ratio of all your monthly debt (minimum monthly payments for credit cards, car loans, student loans, etc...) divided by your monthly income. Each lender will have their own requirements but for our purpose here figure 28%. If you are making $6250/ month your debt should be no more than $1750. The back end ratio is your monthly debt plus your projected house payment and should be more than 36% or, in our example $2250/ month. So using these numbers the house payment couldn't be more than $500. If your front end debt was only $1000 instead of $1750 the house payment could go as high as $1250. Make sense?

So payments on a $185,000 loan at 4.5% will run you $938 plus taxes and insurance, or $1400-1500 per month.

Like I said, each lender has their own requirements and other variables such as credit score will factor in as well. I would be happy to put you in touch with an excellent loan guy that will take good care of you and can answer all your finance questions.

Good luck in your search and let me know if I can help.
0 votes Thank Flag Link Tue Oct 23, 2012
If you haven't bought a home before, you will not need to put $15,000! The answer is yes, if you have good credit (640+), you need to provide your last 2 years of your job history (unless you were in College), paystubs, bank statements and ID. Very simple process. Take advantage of the lowest interest rate ever, you will be fine with your income, send me an email to laurafierrorealtor@gmail.com and I can give you more information on your monthly payments and different loan options.
0 votes Thank Flag Link Tue Oct 23, 2012
You would be more than able to purchase a property this price with your income and good credit, large down would also help a lot.
Get in touch with your bank for a pre qualification process. And of course, call if you need the assistance of a professional.
0 votes Thank Flag Link Tue Oct 23, 2012
Absolutely. Although, your Debt Ratios are a very inportant factor ! Here are 2 examples at a $200,000 Sales Price : FHA loan ~ $1,567.00 per month , VA loan ~ $1,390.00 per month. Have you been been Pre-approved ? If not, I can certainly assist you with the Pre-approval process.

Feel free to contact me at your earliest convenience.

Jorge Reyes
915-491-5522
Jorge@TheRealEstatePowerHouses.com
0 votes Thank Flag Link Tue Oct 23, 2012
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