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I make $ 30.000 a year self employed I have a credit score 720+ I have $ 20.000 to put down.

How much loan can I qualify for in Florida

5 Thoughts on How much mortgage can I qualify for?
  1. Reply
    December 20, 2011 at 7:39 am

    maybe $ 30k
    talk to a bank or realtor

  2. Reply
    the kid
    December 20, 2011 at 8:31 am

    Probably no more than 90K

  3. Reply
    December 20, 2011 at 9:16 am

    If no other expenses about 85k. That is pretty low income and it would be very difficult.

  4. Reply
    Because I Said So
    December 20, 2011 at 9:41 am

    it doesn’t matter what you qualify for, what matters is how much you can repay the bank! they will always approve you for 3-4x your income, which is ridiculous. that’s why the housing market crashed, because tons of people borrowed more than they could repay. you can only spend 35% of your net pay on your monthly payment that includes mortgage, taxes and insurance. for you that’s only $ 700 a month. which means you’re looking at very cheap houses, like under $ 100K but if you have 20% DP, it’ll keep your payment low and you can use that $ 20K cash to negotiate a good rate with the bank.

  5. Reply
    December 20, 2011 at 10:39 am

    It depends on the interest rate and if you have any other debt, also the taxes and insurance for the property. Based on the income you state (which with self employed borrowers is tricky because you have to average the years together and, depending on what time of year, you may need to produce a YTD profit and loss which is also considered) you will qualify for apx $ 80k but that is a ROUGH estimate.

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