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I make $105K a year and am looking to buy a house. I have about $50k as down payment. My credit score is over 800. What can i afford?

by jaiskaran101 from Washington, District Of Columbia. Jan 14th 2016 Reply


Joyce Ettingoff (speedlad)
#35 ranked lender in Maryland - 68 contributions

It would be much easier to give you this information if we took your application, however we do not know what your debt is. Can you provide more information on that? My phone number is 301 915 5644. My email is joyce@buckinghamfg.com. Also our company is nearby so we can also meet with you..

Jan 14th 2016
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Darius Jenkins (Darius)
#66 ranked lender in Virginia - 23 contributions

Hello, in order to provide you with the information on how much home you can purchase I would need to know what your present debt information is. I'd be happy to help in any way that I can. When convenient you can reach me at djenkins@mcleanmortgage.com or (571) 393-1356I look forward to hearing from you.

Jan 14th 2016
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Ron Schwartz (RonSchwartz)
#69 ranked lender in Maryland - 63 contributions

Hi Jaiskaran101,The answer, as my colleagues have so aptly put it, depends. There are many variables such as your monthly obligations and the type of property you are considering. But it seems like you would be able to afford quite a bit. And in Washington DC you may not even need to put any money down, keeping your hard-earned $50k for renovations or other purposes.I can explain in detail when we talk. Ron Schwartz- 240-505-4766

Jan 14th 2016
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Brian Allen (ballen)
#43 ranked lender in Maryland - 191 contributions

Jaiskaran101 as a 1 time home buyer you have some exciting options such as assistance with closing cost and a tax credit in the District. It would be irresponsible to tell you how much you can afford without checking out all credit, income, assets. I would be happy to provide you a free analysis of your options and discuss your situation. Please call/text me directly 240-750-8315 or email ballen@homepointmd.com or balle@mdmortgageapp.com.

Jan 14th 2016
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Affordability is based on your debt AND your income, which is why lenders need to calculate/know your DTI.. you've only provided half the info necessary.. Also, there are other factors that go into one's eligibility.. knowing your income and one of 3 credit scores is not nearly enough.. Yes.. 800 credit scores are acceptable.. yes, making $105K a year is good.. Yes, having $50K down is good, but there's a bunch of other stuff necessary to advise you accurately.. for this reason, I suggest you contact a LOCAL mortgage 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 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

Jan 14th 2016
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Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

The short answer is that is determined by your DTI (your debt to income ratio.). Give me a call and I can do the numbers for you. Jericho Cherry- 804-556-0685. Or email me Jcherry@gogsf.com

Jan 15th 2016
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