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I’m obsessed with houses and I’m currently planning for my future.

Okay so my gross annual income will be calculated from January 1, 2013 to December 31, 2014, so that makes 2 years exactly. I researched this and found that this how most banks will look at it, am I correct?

I’m only 18 and will be 20 when applying for my mortgage, and I will be SINGLE.
My gross annual income is currently $ 45,000 between multiple jobs.
Also, I will have about $ 65,000 available for a downpayment.
When applying for a mortgage…I will have NO debt, no auto loan, no student loans.
I will have a 800 credit score or better. (currently it is about 750 but it is going up)

WITH THESE CIRCUMSTANCES…do you think I might be able to get 4 times my annual income? or should I plan on getting 3… I live in wisconsin if that helps

my monthly debts are currently $ 100 and I dont see that going up (car insurance)

5 Thoughts on What are my chances of getting a good mortgage with my circumstances?
  1. Reply
    Rajesh
    April 1, 2013 at 3:42 am

    I’m obsessed with houses and I’m currently planning for my future.

  2. Reply
    Rian
    April 1, 2013 at 3:58 am

    Yeah no problem, you can get 45% of gross monthly income can be your monthly mortgage payment. If you get 45k that’s roughly $ 3750 a month income. – $ 100 your at $ 3650 x that by 45% and your monthly payment can be $ 1687.50 which is equal to $ 280k to $ 300k loan at 3.5% int

    Good luck

    More ?s send me a msg

    These people below me are partial right but mostly wrong. My buddy just got pre approved for 180K loan and he only makes 27k a year. It depends on your debt ratio.

    I AM A LOAN OFFICER!!! Ive SEEN 19-22 year old with over 720 credit score. DO NOT FORGET that credit score is based on how the financial institution sets up their criteria for credit scoring. That’s why you might got to one bank and have 650 and go to another and have a 700 credit score.

    this doesn’t matter because with CURRENT GUIDELINES a 640 credit score you can still qualify for 3.2% int.

    FYI I WORK AT A BANK BUT I AM TALKING ABOUT GOING TO MORTGAGE BROKER. I know brokers that can approve people with 590 credit scores 4% int fixed and still manage to sell them to big name banks in 2012.

    Call a Prime Lending broker in your area, you will be blown away of who still gets loans, even now..

    FYI please don’t talk if you do not know, makes you sound retarded

  3. Reply
    A Hunch
    April 1, 2013 at 4:50 am

    You are funny!!
    If you look at the FICA scoring system it’s physically impossible for an 18 year old to have a 750 credit score or a 20 year old with an 800 credit score.

    Lenders typically give loans to people with a 31% debt to income ratio (this is AFTER the house, so the $ 100 monthly debt is meaningless). Some banks “might” give as high as 34% but really unlikely and would just make the interest rate go up anywhere.
    = the likelihood of you getting 3x your annual income is probably a dream, more likely 2.5x

    Also, if none of these jobs are professional jobs, that could seriously put a wrinkle in your plans too…

    Good Luck!

  4. Reply
    M W
    April 1, 2013 at 5:23 am

    Your plan won’t work until you are 21 years old. You won’t get 3 or 4 times your income in a loan anyway. That’s out of the question and you have no credit history so a lender has no way of knowing if you will pay on time.

    Without established history you won’t get very far with a lender.

  5. Reply
    Stan
    April 1, 2013 at 6:13 am

    First off, it’s 2 1/2 times your salary plus you have to be 21 and employed full time 12/18 months.

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