Question about your homes and mortgage?

Question

Me and my husband own a home worth 137k right now. We have paid it down and currently owe about 95k. We are now trying to move out of state to Georgia. He makes 40k/yearly. After selling this home we should have about 20k to put down. He has great credit. Almost 800, but I can’t add my income to the loan/mortgage because I have bad credit due to hospital bills. We have no idea what to expect on what kind of home we are approved for, but we kind of know what price range we can afford (given he gets a similar job and income) when we move. My question for you guys is what is your income?(If you don’t mind sharing), what was your down payment? How much was your home? I know it’s different for everyone especially for credit scores but I’m just curious! If you can share any helpful info on your situation that’d be great!

Answer

Everyone’s answers are going to vary SO much.  A $400k home where I live now is only worth $170k in my hometown. 
There are too many factors to be able to give you accurate information. Pop onto Zillow, look at houses in the area you’d like to move, check out their mortgage calculator.

Answer

This was several years ago when I was just a teller making like 10 an hr. And my husband made about 40k. We bought a house for 149,900 and I think we did a down payment of 10k. 
I’m a mortgage assistant for a bank in your new state if you want to chat about anything.

Answer

Since this will be your second home you won't be able to get an FHA loan, so you will have to get a conventional loan. This means you HAVE to put down at least 20% of the total amount you are borrowing which includer closing costs. So with $20,000 available you will be able to afford $100,000 total. Closing costs range from 5,000 to 10,000 so the total value if the home would come down to $90,000 to $95,000 with a deposit that size. The only difference your credit score will make is on the interest rate you are offered and the total amount they will allow you to borrow when you apply for a mortgage

Answer

My husband and I bought our first house ~6 months ago for $585,000. We put down 10%, so $58,500. I make $87k and he makes $117k, plus we each get a ~10% annual bonus. Our payment with taxes and insurance included is $3450.
However, we live outside San Francisco so this is actually a pretty inexpensive home, 3/2 on a small lot.

Answer

Its not just the mortgage but your overall debt (if any) that's taken into account. There are estimators online that can give you a rough guide of what you can afford. Otherwise as others have said, talk to a broker/banker to get a better idea. 
This was about 3 years ago. For us we were high 700s as they take the low of the middle so like 770 I think? House was 350k, put down $30k plus another $10k in closing costs. I think we were making about 110k combined at that point.

Answer

We got lucky and paid for our home in cash, so we never had to deal with a mortgage or any of that.

Answer

Just call a mortgage broker. They’ll run the numbers for you free of charge.

Question about your homes and mortgage?

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