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Looking to purchase first home next year

credit is over 750, no debt, $50k income, $20k down... I am looking for a house that is around $350k by jpgrossmal784 from Denton, Texas. 16 days ago Reply


Credit and income look good! Let's get you preapproved and see what the lowest rate is that we can get you. Please call me at 915-276-7629

16 days ago
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,000 contributions

More info needed, but in general.. you are right on the edge.. Typically, you should stay around a sales price equal to 3 times your annual income.. But rates are low and you have no other debt, so you can stretch it out a bit.. but $350K??.. depending on what the property taxes are, whether or not there's an HOA, and depending on how much your homeowners insurance will be.. you could be looking at a payment of about $2100 per month.. Since you bring in about $4,167 per month.. your debt to income (DTI) ratio would be at 50.4%... that's high.. some programs limit you to 43% DTI.. others will go as high as 56% DTI.. but you still would be spending half your monthly income just on a mortgage payment.. add in your utilities, and other living expenses.. and you could be walking a tightrope each month.. you might want to sit down with a local mortgage pro and let him look at your complete scenario... that way he can zero in on what you can afford.. Stay away from the big box banks on the corner.. your local mortgage bank/broker is best. I'm a preferred Lender with California and Arizona 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

16 days ago
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Dale Corley (TheLoanAngel)
#111 ranked lender in Georgia - 6 contributions

Assuming you're looking for a house in Denton County, I would advise you to look in the $300k range with your current income level. The property taxes in your scenario would be roughly $633/mo pushing your DTI (debt-to-income) ratio above 56%. Income = $4167 Housing Debt = $2,334, not including possible HOA fee. If you're able to put more down or have access to gift funds, we could get this ratio down to a more palatable level to meet guidelines.If you'd like to discuss your scenario, I can be contacted at 404-844-5623. I'm a Licensed Mortgage Advisor in TX, CA, GA, & NC. We have several portfolio programs for self-employed borrowers as well as those with recent housing events or just miss meeting traditional loan guidelines. Learn more at DaleCorley.com NMLS#1547543Hope that helps!

15 days ago
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