Learn what mortgage amount you actually qualify for based on income, credit, and loan type. The speaker walks through how lenders calculate what you can afford and offers a free consultation to figure out your specific numbers.
Sometimes we hear things like, hey, I make $60,000 a year, how much of a house can I afford? Well, there's just a little bit more to that to get you a real answer. And it's not that anybody's trying to be difficult. So you take that $60,000 a year, divide by 12 months, that's five grand a month. Well, is it going to be conventional? FHA, USDA, VA, they all have different limits. Let's just use conventional 50% limit for easy examples here. So $5,000 a month, 50% of that's 2,500 then. Do we have car payments or student loans? And if so, are the student loans deferred? Are they actually in rep? If they're deferred, you might not have a real payment. We have to account for something. In the mortgage world, if there's collections over $2,000 in non medical, we have to account for a payment. But if it's a charge off, I could write it off. I did all that. You can see how confusing it is. There's so many little details that may not be at face value in reality, but in the mortgage world we have to take a look. That's why we offer a free consultation, you know, no obligation, but that's how you get the clear, clear answer.
