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 jwojdylo
Joined: 07 Nov 2008
Posts: 1
1.54 Dollars($)
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 Posted: Fri Nov 07, 2008 7:03 pm Post subject: Loans with a 45k Salary... |
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What size mortgage can I get if I have good credit, 750+ and I make about 45k plus 8k bonus?
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smithsussane
Joined: 18 Sep 2008
Posts: 4484
Location: Alaska
435.29 Dollars($)
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| Posted: Fri Nov 07, 2008 7:36 pm Post subject: |
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Hi jwojdylo!
Welcome to forums!
With the income and bonus as well as the credit score that you have stated, it seems that you can easily get a mortgage. The size of mortgage that you will get will depend upon various other factors and type of property that you will be buying. I would suggest you to first speak to a few lenders and check the different types of plans they are offering. You can then chose a plan which is affordable for you.
This community has a large number of lenders. You can even speak to lenders and seek a no obligation free mortgage consultation.
Feel free to ask if you have further queries.
Sussane |
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Mortgage_Man_X
Guest
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| Posted: Sun Nov 09, 2008 5:55 pm Post subject: I Can Help With Your Mortgage! |
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I would love to help with your mortgage. Email me, and let's discuss!
MSmith@PrecisionFundingUSA.com
I am on line now! |
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carlpruitt
Joined: 09 Nov 2008
Posts: 43
Location: Buford, GA
21.09 Dollars($)
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| Posted: Sun Nov 09, 2008 7:45 pm Post subject: |
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There are definitely quite a few more considerations beyond the credit score and salary. The type of property, the type of ownership and your other debts will all have an effect.
The standard conventional guideline is 36% of your income for your house payment and other bills, and the FHA guidelines are 29% for your house payment and 41% for your house payment plus other debts. These can be exceeded through the use of automated underwriting, but with today's market you should try hard to keep your debt ratio lower rather than higher.
I am giving you the FHA guidelines instead of just the conventional guidelines even though your credit is excellent since downpayments can be lower for FHA loans.
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Carl Pruitt
FHA Loan Advice
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9749
Location: bloomfield, ct
35.02 Dollars($)
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| Posted: Mon Nov 10, 2008 9:05 am Post subject: |
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please, please, please ignore "the mortgage man" who is nothing but a spammer!
original poster - you can likely qualify for a monthly payment of $1300 or so - to include taxes on the home you buy, plus homeowners' insurance, plus mortgage insurance (if any), plus the loan payment itself. that's based on your salary of $45K, using a debt ratio of 35%. if your bonus is regularly received and can be verified as such, that'd increase your payment affordability by about $280 monthly.
i'm being conservative to a degree - of course we don't know what other debts you carry - but better to hold the numbers down than go after the big game and fail.
i think carl's analysis is good, also. fha allows for lower down payment requirements, but you'd qualify easily for a conforming loan product, based on that 750 score.
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George M. Akerley
Loan Consultant
860-221-5044 |
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