A couple of good condominium images I discovered:
Fotoloco The Alexandra Condominium Halloween Party by Ortigas and Organization 075
Image by FOTOLOCO!
Fotoloco photo booth images @ The Alexandra Condominium Halloween Party | Ortigas & Company | Viridian in Greenhills | All-you-want photo prints from Fotoloco photo booth
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Question by LivinLife & LovinLove: How big of a home loan could I possibly be approved for?
If I make $ 60k annually, viagra buy 1 dependent, treat NO debt… About how much would a loan company approve me for?
My husband and I are hoping to be able to afford a house that is on the market for $ 175, capsule 000. I’d like to be able to afford it (we bought our house for $ 100,000 and can EASILY afford it) but I want to be realistic to.
I realize this is stupid of me to ask online but I’d like an idea before I call my agent and get laughed at…
Best answer:
Answer by corduroy-fire-kills-7
Easy peasy. But, you will need a downpayment. That’s the biggie these days – just because you have the income to be able to pay a mortgage on a $ 175,000 house doesn’t mean you will be able to buy one if you don’t have the downpayment for a house that much. I qualified for a $ 145000 house on a salary of $ 28,000/year. Single mom, one kid, so it was just on my salary alone. Excellent credit and no other debts. I put down $ 35K on it, though, so the amount financed was only $ 110,000. However, as to making payments, I financed it on a 15 year mortgage and have had no problems making the payment. So, if you are worried about being able to make the payment, I would say you can easily do that since your income is twice what mine is and the house isn’t that much more. Plus, you have the 30 year option if you want it.
With a $ 60K salary, the bank will likely approve you for a LOAN of $ 180,000. With a 20% down payment, you will qualify for a $ 225,000 house. However, to buy a $ 225,000 house, you need that 20% down payment – or $ 45,000 down.
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You will qualify for 180K….but it will be tight.
Qualifying will not be a problem. Problem is, you must have 30% equity in the home you own now to be able to buy another home. If you have 30% equity then you are in the clear! Even if you don’t make enough you can use your current home as income by stating in your loan that your current home will be rented out. That will be considered as additional income. But with $ 60k a year income and no debt, you are in the clear. Debt to income ration for a loan is 45%-51% depending on what type of loan you get. You will qualify for more than $ 175K.