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Amy | If someone makes $96,000 a year and has a credit score of 700, what kind of home loan can they get? |
Would it be better to work more on the credit score or have a more significant down payment or what? |
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Rush is a band
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A rule of thumb on affordability is for your mortgage to be ~2x to 3x your annual income. For you, that's between $192,000 and $288,000.
Dig a little deeper and you should be using the 28/36 rule, no more than 28% of your gross monthly income on a housing payment and no more than 36% of your gross monthly income on all your debt payments. Banks used to use these ratios, but got away from them during the run up. The message here is that MANY lenders will still loan you much more than these ratios, but be VERY careful - just because they'll loan it to you, doesn't mean you can afford it.
The downpayment is a big wild-card for you. Many lenders aren't making any loans with nothing less than 5% down. On a property that's near $300,000, you'll need at least $15,000.
The principal and interest on $285,000 at 6% interest (a good rate today) is $1709. You need to add real estate taxes and insurance (both homeowners and mortgage insurance for putting down less than 20%). I'm guessing real estate taxes of 1.5% of the price of the property per year (I have seen anywhere from 0.5% to 4%, so be careful here). So that's close to $375 per month. Homeowner's insurance could be anywhere from $500 per year to $2000 per year (if near a coast), but let's say $75 a month. PMI is variable, but could be as high as $125 per month. So, let's add it all up... You have a total payment of ~$2285.
28% of your income is $2240 per month and 36% is $2880.
The rule of thumb is pretty accurate here - indicating a mortgage maximum of ~$285,000 by both methods! A house valued around $300,000 with 5% down is do-able for you (and it should 'feel' affordable, too).
Try this, pretend you have a mortgage payment of $2285 for a few months and find out if it's comfortable (you'll have the benefit of a few extra bucks in the bank, too). Also figure that your utilities will be higher in a house AND be aware that if anything goes wrong YOU have to fix it.
good luck! |
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whgilmore
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Rates vary from state to state. A 700 is just below qualifying for the best rates (720+ required). If you deposit 20% of the sales price on the home, you should still qualify for around 5.75% 30 year fixed interest rate. The rate increases based on if you deposit less than 20% or add other products to the loan (such as no impounds or prepay penalties. etc).
As for your income the general standard for debt to income is 40% (some lenders may go as high as 55%). If you had have no other credit accounts such as cars and appliances, you should be eligible for about $3300 per month. At 5.75% interest rate, you could qualify for a home up to $560,000. |
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Britt
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It's going to depend on several issues, and what kind of mortgage program you want (FHA, VA, Conventional are the top 3). Also, are you a first time buyer? They have different loan types for first time buyers. If you don't have one already I would get a real estate agent involved to help you with this topic in more detail. Buying a house is probably the biggest decision you'll make in your lifetime, other than marriage, so it's worth it to get an agent involved...that is their realm of expertise. My initial guess for your credit score and income would be in the range of $250,000 to $325,000 but I don't know anything about your current outstanding debt either. |
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Big daddy
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There's really not enough information here to give you a solid answer. I'm assuming your looking to purchase a home. I agree with the poster that stated the credit scores vary from state to state and that while your credit is good, you'll want to improve it a bit to get a better rate. Now this really should not entail much work from you. Just make sure you are making your payments on time and don't take out any more debt. This should help getting your score to the 720 range. I wish I could give you a concrete answer about the down payment, but lenders are changing their underwriting requirement what seems like daily, and these vary from state to state as well. The larger the downpayment, the less you have to borrow, and that's always a good thing. Also, look into your town, county and state to see if they have any first time homebuyer programs, this can also assist you with your down payment, hope this helps and good luck |
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Em C
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What kind of loan you can get and what kind of loan you can afford are two different questions. Different lenders have different criteria for how much home you can qualify for but that may or may not be more than you can afford. For example if you are currently living in an apartment and paying $750 per month in rent but have no savings and some credit card debt, can you really afford a mortgage payment of $1000 just because the lender will approve it based on your income and debts? Where is that extra $250 per month going to come from unless you make cutbacks in your current spending?
Here is a loan calculator that will give you an idea of what your payments will be like for different loan amounts.
http://www.aboveallmortgage.com/calculators.php
BTW. Your credit score is fine. I would work on saving for a downpayment. |
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Worldly25
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fixed rate for 15 or 30 years with an interest rate of 6% |
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