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How much would i qualify for a home loan?

I'm hoping to purchase my first home this upcoming winterr and i'm curious on how much i would qualify for a home loan, if im able to qualify for one. I'm 23 with a credit score of 765 and a monthly income of $2200. when winter comes around i should have at least 14k saved up. i've been working at a casino for a year already but before i was hired at my current job, i was out of work for a year and 8 months. by abner654228 from Las Vegas, Nevada. May 12th 2017 Reply


Brad Henderson (bradthelender)
#28 ranked lender in Nevada - 19 contributions

There are levels to what you are asking so the best thing to do would be to speak so I can better understand the job history and the income. If it is just you with no co-signer, I would guess somewhere around $150,000 on a purchase price assuming we can make the income and job history work. Call me at 702-328-3043 when you have time and I can talk you through it. Brad

May 12th 2017
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Larry Gray (lgray_312_247)
#565 ranked lender in California - 1,127 contributions

I am almost certain you will qualify for a mortgage loan to purchase a home. I recommend you contact a Nevada licensed mortgage broker/banker who canqualify you so you know how much house you are able to buy. Remember, in getting qualified there is nothing wrong with getting comparisons before you actually buy. Your initial qualifying lender will likely be happy to give you a competitive rate to retain you as a borrower.

May 12th 2017
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Timothy Gray (Tgray1)
#158 ranked lender in California - 10 contributions

Great job with your credit scores! You're likely eligible for first time home buyer programs that provide for 100% financing, No money down. These programs allow you to invest the money you've been saving or use it to outfit your new home. We have all these programs and more. Call me when you can, 619 283-4000 and ask for Tim. Look forward to hearing from you and working with you on your new home purchase.

May 12th 2017
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,007 contributions

Much more info needed, but in general, you could have a few issues.. First,,, if you work at a casino.. is your income based on tips? or are you salaried or hourly? If it's tips, then you have to have 2 years filed federal tax returns showing you have received "Tip Income" for the past 2 years. otherwise, you will need to wait a year.. If you are salaried or hourly, then it's not a problem. Your job gap will need to be explained, and the underwrite will need to approve it.. but with a good letter of explanation, you should be ok.. Also, when it comes to qualifying you.. we would need to look at your minimum payments on your monthly debt.. Credit card payments, car loans, student loans (even if they are deferred), etc.. all the payments are added together along with your new housing payment to determine how much you can afford monthly.. without knowing all the numbers, it's impossible to advise you.. For this reason, I suggest you contact a mortgage bank/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/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 banker/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 big box banks. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

May 12th 2017
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