11-18-2008, 02:34 AM
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Question for Mortgage brokers?
My husband and I have a credit score of 650 with nothing bad on our credit report except that we both dont have much credit and have signficant school loans which combined are about $100,000. Together our income is around $85k a year and we are both in our early to middle twenties. We are renting right now but are looking to buy a housein the near future and I'm wondering if someone could give me a rough estimate on the maximum mortgage loan they think we will qualify for. We have do not have a downpayment except maybe a few thousand please let me know thanks!
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11-18-2008, 04:09 AM
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It depends on the monthly payments for your student loans.I looked at 300K as a purchase price with 3% down(FHA requirement) and included taxes($200 per month) and insurance($100 per month) and mortgage insurance at $121.25 per month plus principle and interest($1,723.67 per month) on a 30 year fixed loan without the student loan payments and you debt to income ratio is 30.28% which is well under guidelines.
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