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How much home can I afford?

Live in Irving, IL. Make $62k a year with approx.$200 in monthly debt. Have $30k available for down payment/closing costs. Credit score above 720. Would I be able to afford a $295,000 home? by ashleigh.tro776 from Irving, Illinois. Jul 17th 2015 Reply


Greg Mitchell (GregMitchell)
#107 ranked lender in Illinois - 17 contributions

i need a few more details, if you email me I will ask you a few more questions and give you the answer. Greggmitchell@totalmortgage.com

Jul 17th 2015
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Greg Mitchell (GregMitchell)
#107 ranked lender in Illinois - 17 contributions

sorry, its gmitchell@totalmortgage.com

Jul 17th 2015
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Reno Manuele (reno@neighborhoodloans.com)
#124 ranked lender in Illinois - 4 contributions

Sounds great. We'll need more info. email reno@neighborhoodloans.com with your contact info so we can obtain a pre-approval today

Jul 17th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

The short answer is yes.. you should be able to afford this home.. For conventional financing, you cannot be over 45% debt to income, which for you means that your new housing payment as well as your existing payments on outstanding debt, cannot exceed $2325 per month. But without looking at your complete loan scenario, it's difficult to say.. certain property types like condo's for example can have some pretty hefty monthly association dues.. while other areas have extremely high property taxes.. all this is calculated into your DTI ratios.. 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

Jul 17th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

With the limited information provided, it would appear you would debt-to-income ratio qualify for that purchase price. But the best answer would be obtained by your local mortgage professional. Contact a broker in your area, give them a full application, and let them zero in on what will work best for you. For homes in MN, WI, and SD, visit www.MortgagesUnlimited.biz

Jul 17th 2015
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