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How much can I borrow?

Posted on: 05th Oct, 2006 08:50 am
I was hoping to get a rough estimate of the maximum loan amount I would qualify for. I understand all about standard DTI, but I was looking for a best-case-scenario max value.

Here's my background:

State: NJ
Monthly gross income: $8,750
Monthly debt: $230 installment loan
Credit score: 760
Cash: Enough for closing costs and few months reserve (i.e., zero down payment).
Desired Mortgage: 80/20
Minimum stay: 5-7 years

I think you should provide the property value you are looking for, then it will be more suitable to provide you with an estimate of the loan amount you would be able to qualify for.

Posted on: 05th Oct, 2006 04:30 pm
approx: $425,000 -- $8,400 annual taxes.
Posted on: 05th Oct, 2006 07:13 pm
Hi Anxious,

Leslie is absolutely right. It required property value to calculate the borrow amount. By taking an approximate property taxes amount, i think you can borrow an approximate of $115,000.

But the actual figure you can get from the lender to which you are willing to take the loan.

Posted on: 05th Oct, 2006 08:30 pm
Dear helping_user:

I really appreciate your response, but honestly, I can't understand how you arrived at $115,000. I think I can probably get approved for a car loan for more than that.
Posted on: 06th Oct, 2006 07:14 am

Generally one can expect to get a mortgage for an amount around 2.5 to 3 times of their yearly gross income.

Posted on: 06th Oct, 2006 05:20 pm

Obviously, a lot more information would be required. But based on what you did provide, you could probably do a $425,000 loan with $8,400 in taxes. It would be tight, but still doable.

Just my 2ยข
Posted on: 11th Oct, 2006 05:19 am
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