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Can I get a mortgage on a 325k home with my income of 48K and 40% down?
Posted on August 3rd, 2010 3 comments
YSH asked:
While my income of 48K a year is relatively low, I do have 130K available to put as a down payment. I know several ratios are used to calculate if i qualify, so i was wondering if i even could get a mortgage? my loan amount would still come to 195k. what would my options be? do they even allow cosigning?
Cheryl3 responses to “Can I get a mortgage on a 325k home with my income of 48K and 40% down?”
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depending on the taxes and insurances it may be very close. Try !
I am a mortgage banker in TN -
Heather August 5th, 2010 at 05:04
It is very unlikely that you could get a mortgage of $195,000 with your income. Usually lenders approve about three times your yearly income for a mortgage which would mean you would be approved to about $144,000. A cosigner could help you out, but along with using the cosigner’s income to determine how much you are approved for, they will also look at the cosigner’s credit score and debt to income ratio. I cannot imagine why anyone would cosign on a mortgage with another person if they are not going to be living in the house.
Why do you need such an expensive house? You do not make the money to live to be able to pay the mortgage and live comfortably.
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real estate guy August 8th, 2010 at 15:58
Your income is 4000 a month gross. Using 25% as your total housing, this would allow a 1,000 a month payment.
Backing out taxes of 260 a month an insurance of 70 a month, this allows 670 a month for the note. At 5% for a 30 year fixed, this allows a mortgage of 126,400. Plus the 130,000 down, allows the total sales price to be 256,000. This assumes that you have the seller pay closing or you have additional funds to pay an estimated 10,000 in closing.
So, NO you can’t afford this.
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golferwhoworks August 3rd, 2010 at 17:26