Hi everybody! Can I ask for some rather personal questions? You don’t have to answer if you don’t want to, but I need some reassurance. My husband and I had an offer accepted on the house, and I’m having terrible anxiety that our underwriting won’t go through so, here’s my question. What’s your mortgage, and what’s your yearly salary? My husband makes $49k a year and I’m praying everything works out The only major debt we have is my car payment, which is $454 and then my husband’s student loans but those don’t go into repayment until 2021.
When I bought my house I was making a bit less than your husband. And all I had in debt was my car.
Depends on how much the house is ? I did it in my own with making that but only bought a house for 160,000
My mortgage was 155000 and I bought my house myself… making 35000 take home a yest
We just went through hell to get our house but it worked out. My husband has amazing credit and I had no credit. It took 2 and a half months. Just expect delays and lots of paperwork due to covid.
Our house was 230,000 and our payments are close to 1400 with the property tax included.
Depends on the student loans too honestly. My credit and income are pretty darn good, but because of my student loans, no bank will even look at a mortgage application even though my loans are current.
We just got denied twice for refinance. I’m not sure if it’s because we are self employed or because of the loss of business this year because of COVID. If we had done this last year I think we could have gotten it. Good luck
It depends on allot of things. Age of credit, how long he has had the job, payment history.
It also depends on the price of the home. I was always told about x3 your income, so around $160,000 based on his income…
I made $38,000 and my house was $105,000 when i bought it.
We’d bought a 230,000 home on a combine income of roughly 50-55 K. We had no down payment and student loans. We just made sure to keep our credit scores high and paid off whatever we could beforehand.
You got this. It will be alright even if this deal doesn’t work out there are other houses. I was a single mom with two kids when I bought my house 26 years ago and am happy to say 4 years to go and still here with grandkids and a great
Every lender wants their loans to be approved, so they can make a commission. Talk to your lender, tell him/her about your concerns and they will get you approved. The same with your realtor, they want it approved too. Good luck!
Figure out what the percentage is off all your monthly debts, housing costs and heating costs compared to your monthly income. Should not be more than 40%. So if you gross 4K/ month, your housing costs plus monthly debt payments should be no more than 1600.
My husband bought our house before we were married. He made about $35k and was approved for $180k w/ 40k down. We’re refinancing now to pay for an addition. Our combined $100k a year is approved for 200k plus.
Just remember, with insurance and taxes, the payment is about 10% of the loan. We would never use the full amount that we are approved for, because we’d never money left over at the end of the month.
I’m not sure how knowing other peoples mortgages and income will help. Your credit score, payment history, debt to income ratio, and more are factors. The biggest one I know people get denied for is credit score being too low.
We cld make $500k a year and will still be denied if we only have a 600 credit score.
I make roughly 40,000 a year. We just closed on a house in July. My mortgage payment is 765 a month
lot of variables in that question. not just about income to debt ratio. credit worthiness, length of any revolving credit, black Mark’s on your credit reports, your monthly Bill’s, whole slew of things. they will give you a pre approval amount. our bank told us we were approved for half a mill and we laughed at them. if I did that, wed be so freaking broke.
Usually your loan provider won’t give you a preapproval unless they are 99% sure that you’ll be accepted. I think you’ll be fine I went through the same panic when we bought ours- just relax as much as possible and try not to panic!
I have purchased a couple of houses and even though your student loans are not in repayments status, deferred, or enrolled in school…banks always include the school loans as part of your debt.
Even if you work, your house payment should not be more than one weeks pay.
I’m a SAHM, my husband is military making a fair amount of money, but definitely not enough to spend whatever we want. Fortunately for us, in Arkansas houses are cheap as hell. We bought it for 132,000 & our mortgage is 680$ a month. With no down payment. That’s also including the property taxes & PMI. If you guys are within your approval amount, you’ll more than likely get approved if you have healthy credit! We also have 2 car payments, a motorcycle payment, insurance on 4 vehicles & all kinds of shit we pay monthly for. & we had no issue!
They take into account your credit rating and how long at job to determine how much they will finance. Also are you using an FHA or VA loan? Depending on the type of loan they break it down to percentage rate usually around 40%
We made 70k-80k the year we were qualified for 200k. House payment 1225. Bought house for 180k. Rate was 4%.
I’m assuming you don’t work?
Did you work with a mortgage company for preapproval?
We used the VA loan in May and were approved for 325k with a 4% interest rate. My husband is the only one who works.
I’m a mortgage processor and 49k income with all good credit you might be able to qualify up too 800-900 because of the car and student loans. Your DTI with the mortgage payment can not be higher than roughly 43% so based on some of the information provided 49k is about 4K take home your debt and mortgage cannot exceeds 1700.
I made $43,000…I bought a house for $120,000 ( but I also put $12,000 down) my mortgage is $665/month including property taxes at 3.78 rate
Your house payment needs to be no more than 25 percent of take home pay.
Also consider in property taxes and homeowners insurance. Find out tax information through the City.