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First time homebuyer

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katiedrabek Joined: 21 Feb 2011 Posts: 1 1.36 Dollars($)	Posted: Mon Feb 21, 2011 2:04 am    Post subject: First time homebuyer Like 0 Dislike 0 My boyfriend and I are trying to purchase our first home. How can we find out what size loan we can get? We have a substantial down payment and are planning to pay off all our debt immediately. We are trying to figure out just how large a loan we can get so that we can factor that plus the down payment and come up with a price we can afford. His credit is good (almost 700) and mine is so so (about 650). We just want to know so that we can find out if we might need to borrow money from our parents and if so, how much.
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Mon Feb 21, 2011 2:40 am    Post subject: Like 0 Dislike 0 You can use the given calculator in order to find out how much mortgage you will be able to afford: http://www.mortgagefit.com/calculators/howmuch-afford.html _________________ Good is the Enemy of Great.
tfaulhaber1 Community Expert Joined: 17 Dec 2009 Posts: 562 75.68 Dollars($)	Posted: Mon Feb 21, 2011 11:23 am    Post subject: Like 0 Dislike 0 I would suggest speaking with a loan officer vs. a mortgage calculator. There are too many factors that play into getting approved and for how much. _________________ Theo (Ted) Faulhaber 516-403-9116 516-634-4417 tfaulhaber (at) vanguardfunding.net
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Mon Feb 21, 2011 1:19 pm    Post subject: Qualify Like 0 Dislike 0 No one can calculate anything without knowing your combined gross incomes. Use a mortgage calculator, or give it a rough shot yourself: Divide combined gross income by 12 to get monthly gross income Take .40 (40 percent) of the monthly gross income. If you have no other monthly debts on the credit report, subtact $70 for home insurance and subtract $500 for monthly property taxes Divide what is left by 5.678 Multiply by $1,000 The answer is the mortgage amount for which you "roughly" qualify Add down payment for purchase price. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278

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