With no debt and 30k in the bank. I'd say you can maybe get a 100k loan. You probably shouldn't buy a house more than 100k though. You need to save more money but if your job is super stable you can take a chance because rates are so low. I don't think they're going u soon though and house prices will probably get lower. I would wait at least another six months until you buy a house and save like hell during those six months.

 

Originally Posted by dolphin13

With no debt and 30k in the bank. I'd say you can maybe get a 100k loan. You probably shouldn't buy a house more than 100k though. You need to save more money but if your job is super stable you can take a chance because rates are so low. I don't think they're going u soon though and house prices will probably get lower. I would wait at least another six months until you buy a house and save like hell during those six months.

Lol at this. Good luck finding a home for 100k. And ya we know you put a ton down on yours. You are cool.

 

Originally Posted by Epiphany

Lol at this. Good luck finding a home for 100k. And ya we know you put a ton down on yours. You are cool.

sorry dude. I'm telling the dude what he can afford and expect to get. He has 30k and if he goes and buys a 200k house. What's he gonna put down, 5 percent. That's 10k with a emergency fund of 20k, which he'll use to buy furniture pay for closing costs, etc.

He simply shouldn't be buying a house for more than maybe, and it's stretching it, 150k. That would be really pushing it though

Oh and WTF is wrong with you you retard. I'm trying to help a dude out. Didn't say shit about what I did in my housing situation

 

Originally Posted by Respectme

How much of a loan can I get? From what I read-- it seems like most banks will lend up to 3x what you make a year. Is this true?

Hi I'm a jew, I heard someone needs a loan?

Very generally speaking, if your credit, employment and savings are in good order, you should be able to qualify for a loan amount where your debt to income ratio is in the 30-34% range.

Using your income numbers (50K / 12 months = $4,167 per month x 30% = $1,250).

Your mortgage, taxes and homeowners insurance should add up to about this number. I'm using the low side of that range, but you probably would qualify for a little more.

Considering today's interest rates, you'll probably be in the neighborhood of about $550 (it's actually a little less, I'm just rounding up) for every 100K you borrow. Depending on your taxes and homeowner's insurance, I'd say a bank will probably pre-approve you for somewhere in the neighborhood of $200,000.

If you're in an area where your taxes are off the charts (like mine...*sigh*), that number might be a little less.

All of this is just a guestimate though and shouldn't be considered bona fide advice.

Does your 'bonus' show up on your earned income slip or is it untaxed? This could impact your overall approval amount.

 

Originally Posted by aj_law

Very generally speaking, if your credit, employment and savings are in good order, you should be able to qualify for a loan amount where your debt to income ratio is in the 30-34% range.

Using your income numbers (50K / 12 months = $4,167 per month x 30% = $1,250).

Your mortgage, taxes and homeowners insurance should add up to about this number. I'm using the low side of that range, but you probably would qualify for a little more.

Considering today's interest rates, you'll probably be in the neighborhood of about $550 (it's actually a little less, I'm just rounding up) for every 100K you borrow. Depending on your taxes and homeowner's insurance, I'd say a bank will probably pre-approve you for somewhere in the neighborhood of $200,000.

If you're in an area where your taxes are off the charts (like mine...*sigh*), that number might be a little less.

All of this is just a guestimate though and shouldn't be considered bona fide advice.

Pretty much this... I was a mortgage broker for a while. I would say you could get approved around $180,000. Not really knowing your situation. A 30 yr fixed at around 5% will be about 1,200 a month

When I got my loan I was making about 55k and I got approved for over 200k (seemed odd to me too). My credit score was really good but still seemed high. But anyways I got a loan for about 190k expecting roomates right away. Well 9 months later I am finally getting roommates and the last 9 months the budget has been really tight. I would recommend putting down about 10-15k and having a mortgage around 150-175k so if I were you I would look in the 160k-190 price range and I think you will be somewhat comfortable. If you are nitty maybe go lower, LAG like me go higher.

Must be nice to not have debt. I wish I knew more about life before I decided to go to an expensive ass college I'm gonna be paying my student loans til I'm 35.

 

Originally Posted by Respectme

Dont know much about this stuff at all--

I make a base 40k a year bonuses the last two years have made that total be about 50K (these should be pretty consistent for next year and so on). i have no debt. Car is paid off and have about 30k in the bank. Credit score should be decent.

How much can I expect to get approved for? Probably a year away from doing this, but just curious now.

Thanks

Do not put anything down if you are using an FHA loan. Just do the bare minimum 3.5%( Although I think it is about to go up to like 10%)???. No need to blow 10K to lower your monthly payment by 70 bucks.

 

Originally Posted by aj_law

Very generally speaking, if your credit, employment and savings are in good order, you should be able to qualify for a loan amount where your debt to income ratio is in the 30-34% range.

Using your income numbers (50K / 12 months = $4,167 per month x 30% = $1,250).

Your mortgage, taxes and homeowners insurance should add up to about this number. I'm using the low side of that range, but you probably would qualify for a little more.

Considering today's interest rates, you'll probably be in the neighborhood of about $550 (it's actually a little less, I'm just rounding up) for every 100K you borrow. Depending on your taxes and homeowner's insurance, I'd say a bank will probably pre-approve you for somewhere in the neighborhood of $200,000.

If you're in an area where your taxes are off the charts (like mine...*sigh*), that number might be a little less.

All of this is just a guestimate though and shouldn't be considered bona fide advice.

So this..
First off if you can have room mates or you have a wife then i would def. spend like 150k.
If you are by yourself then I wouldn't go over 120k imo.

 

Originally Posted by Ozzie

lol wut.

if you put 20k down id say 200k ez.

and this ladies and gentleman is the reason for the Housing Crisis of 2008-infinity

and what does he do if he loses his job??? After closing costs, and anything he buys for the house you've left him no emergency fund

 

Originally Posted by coolhandkev

Must be nice to not have debt. I wish I knew more about life before I decided to go to an expensive ass college I'm gonna be paying my student loans til I'm 35.

Cosign this - my loans are $700/month - I'd have def. gone 2 yrs of community college if I could have redone it

 

Originally Posted by Ozzie

then the bank takes the 200k house and keeps his 20k + anything else he paid ldo. and hes got a year yet to save even more and buy new furnishings and such. if you wanna say he shouldnt get approved for anything over 100k thats one ridiculous argument to make(who would even be buying homes in this case? theres a lot more houses than there are people making 50k+)... but he asked what he will get approved for. and thats very likely around 200k with 10% down.

like I said

and this ladies and gentleman is the reason for the Housing Crisis of 2008-infinity

Ok guys- I used to be a mortgage banker for Quicken Loans. This is how it works in a nutshell if you're looking to buy a house. (Credit, Debt to Income ratio, Loan to Value ratio, Assets)

First they check your credit: Anything under 680 you start getting hit with points.

After pulling your credit they'll ask you how much you make per month and compare that to your Total Monthly Debt. If it's over 68% there is ZERO chance you get the loan

Then, they'll ask you how much you're willing to put down for a down payment- If you dont put down, I believe, over 21% of the loan you will be hit with PMI (Private Mortgage Insurance)

Those are pretty much the basics when buying a house. Have good credit, put a large chunk down, have little to no debt so your DTI isn't high (These are hard concepts for us Americans to sometimes grasp)