how of much could i get on a home mortgage loan?
jamiet95608 asked:
I’m thinking of buying my first home next year in sacramento. I’m hoping to see a significant drop from current prices. I make the median income (~$54,000). In 1 year, I’ll have ~$35,000 in savings and ~$5,000 in my 401k. I’m 23 years old and have been working at my job for 1 year now. I currently have a credit score of 780. My only debt is $8,000 in student loan at 4.5% interest. I’m willing to make monthly payments of ~$2,200. I might move in a few years. What kind of a loan can I get? Which programs are best for my situation?
I’m thinking of buying my first home next year in sacramento. I’m hoping to see a significant drop from current prices. I make the median income (~$54,000). In 1 year, I’ll have ~$35,000 in savings and ~$5,000 in my 401k. I’m 23 years old and have been working at my job for 1 year now. I currently have a credit score of 780. My only debt is $8,000 in student loan at 4.5% interest. I’m willing to make monthly payments of ~$2,200. I might move in a few years. What kind of a loan can I get? Which programs are best for my situation?
Thank you for reading.
Caffeinated Content for WordPress
Tags: 23 Years, Loan Programs, Median Income
February 22nd, 2009 at 4:16 am
Caffeinated Content for WordPress
You can afford a house payment of about $1,500 per month - 30% of your monthly income. Any more than that and you’re asking for trouble.
February 23rd, 2009 at 3:03 am
Caffeinated Content for WordPress
The 5K in the 401K you do not touch! You could qualify for about 150-200 K unless you want to put the entire 35K into the loan.
February 23rd, 2009 at 7:56 am
Caffeinated Content for WordPress
Use this calculator to see what payments will be..
Know also, that owning a home has hidden cost,insurance, taxes, utilities, repairs. Please don’t forget the market will still be coming down.
I suggest you wipe out the $8000 loan in advance, so you can have one less debt. I too, believe $2200 is to high of a burden. The lenders have there criteria, but usually 24% of income, and 35% of all debt.