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How much can I qualify for?

combined income 87K before taxes, no credit card debt, and scores are in high 600's. We are looking for a home to purchase and live in. Please advise. by sandra.mccool2 from Redby, Minnesota. May 18th 2016 Reply


Shawn Reese (sreese440@gmail.com)
#71 ranked lender in Minnesota - 8 contributions

Hello Sandra,There are many variables other than income and debt. It's always good to talk with a trusted lender to find out how much you qualify for.

May 18th 2016
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Tim Swierczek (TimSwierczek)
#24 ranked lender in Minnesota - 20 contributions

Shawn is correct. Based on your income you will likely not have an issue with qualifying payment wise as long as your debt is in line with your income. You may find you are limited by your down payment, more than you income as that would justify a payment of $2250, a housing ratio of 31% of your gross income.

May 18th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Much more info needed to advise you.. but in general, lenders will look at your entire loan scenario to determine your eligibility.. This I will say.. minimum credit scores are 580 or above for FHA and for conventional financing, 660 or above is good, with 760 or above being ideal.. and if your scores are in the high 600's then your within the acceptable range.. having no credit card debt is ok, but what about other debt? Car payments? Student loans? etc. All your debt is considered when calculating your Debt to income ratio.. The best thing you can do is to contact a local mortgage broker. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

May 18th 2016
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Kurt Stanaitis (TwinCity)
#12 ranked lender in Minnesota - 7 contributions

Call me direct anytime and I'll give you free advice over the phone 651-303-4236I have been doing this for over 15 years and do only MN properties.A+ BBB rating When I shop for anything I always get 3 quotes to compare numbers. Whether it be a new TV or a new roof for my house. Kurt Stanaitis oOwner651.303.4236www.twincitylending.com

May 19th 2016
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David Ortega (DavidOrtega)
#54 ranked lender in Minnesota - 220 contributions

Hi Sandra, you would qualify for the maximum conventional loan limit of $417,000 with as little as 5% for down payment. You would qualify for a maximum jumbo loan of roughly $540k with needing a minimum of 10% for down payment for a max price of roughly $600k. There would be several loan products available for you to review and we would be happy to do so. Feel free to reach out or pass along your contact information. Satori Mortgage - www.SatoriMortgage.com - info@satorimortgage.com - 952-544-1706

May 19th 2016
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,446 contributions

Generally, the quick down and dirty math is most people can afford about 3.5 times they're yearly income if they don't have a large amount of debt. The official way is that you need to complete a full application and let a professional loan officer review your individual situation. I lend in MN, WI, and SD, and am the top lender on Lender411 in MN. Apply online and visit me at www.JoeMetzler.com

May 19th 2016
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