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I’m very excited. I buy a new home homes Ryan, and asked for a loan today. I have perfect credit, but my income is $ 40K per year. What are my chances? My home is the cost $ 545,000. It is already built. All I did was ask for a loan now, nothing more and nothing weniger.Bitte you understand that I only ask for admission. There are other sources that I make money (part time real estate, investments, etc.).

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4 Thoughts on NVR Mortgage approval ….?
  1. Reply
    Patriotic Mom
    May 19, 2011 at 12:16 am

    Ryan Home is a nationl builder. One of the few that seems to be weathering this volatile market fairly well. What is the sales price on the home that you want? Is it a spec or is it a to be built? Did you go thru their affiliated mortgage company? If you did, PLEASE at least get a 2nd opinion.

  2. Reply
    ekcnho
    May 19, 2011 at 12:48 am

    What is the home price and how much do you want to borrow? How much other debt do you have?

    With a 40,000 income and in this current mortgage credit crunch, your total payment (principal, interest, taxes, insurance) would probably have to be less than 1200 or 1300 per month and that’s if you have no other debt. If you have a car payment and other debt, take those monthly payments off the the 1300 (so if you have 300 in other debt payments, your house payment probably won’t be able to be more than 1000). These numbers are pretty conservative, so if your credit is very good (say credit score is well over 700) and you’ve had the same job for a few years, you might be able to push your total debt up some from what I’m saying.

    However, you need to make sure you can really swing it even if the mortgage company would approve you. You don’t want to be living paycheck to paycheck and owning a house. Things will break and you will have more expenses than you realize.

    UPDATE after seeing you’re talking about a $ 545,000 house. I didn’t even know Ryan built at this level. My knowledge of Ryan is of tract / production built houses of average quality (at best). I don’t think you’ll get approved for this with a 40,000 salary and then other less dependable and probably harder to document forms of income, UNLESS you’re making like a $ 300 – 350,000 downpayment.

  3. Reply
    Real Estate Guy
    May 19, 2011 at 1:03 am

    How can you buy a 545,000 house with only 40k income??

    I’m guessing you will be here in a few months asking about shortsales, etc.

  4. Reply
    Ciara
    May 19, 2011 at 1:31 am

    So you think that you’re ready to buy your own home? Hopefully you’ve done a little research online to make your first home buying experience a good one. First of all you should contact a mortgage broker that will preapprove you for your new mortgage. This is now more important than everloan application. The mortgage broker will also run your credit. With all this information in hand the mortgage broker will see if you have enough income for the price of the home that you would like to purchase.

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