Your Questions About Mortgage Loan Calculator

William asks…

How do I know how much an FHA loan will lend me?

Lets say I make 45k and my husband makes 40k. Lets also say that I have $50,000 cash for down payment. How much can I get from an FHA loan in Los Angeles or Riverside counties? I know they will generally lend more to people who normally would never qualify for a loan.

John answers:

First you need to know that you will not be getting the loan from FHA and FHA just insures the loan made by FHA approved lenders and mortgage bankers. Now everyday lender is going to have their own guidelines and will lend up to the FHA limit in the particular county where you are. Although credit score requirements vary, the most important qualifying requirements, are income and appraisal. Based on your total income of $95K ( needs to be documented) you should qualify for an approximately $300K home. You can use the calculator at
http://www.budgetrealestateloans.com/RequiredIncomeCalc
to arrive at the approximate value of the home you can afford at rates of anywhere between 6.3 and 7.25% (note rates -APRs different) depending on your credit. Bear in mind that you will be required to acquire mortgage insurance also and it get taken into account during the qualification process. The upside is that you get up to 97% LTV for purchase and 95% for refinance with cash out limitations. In summary, FHA insured loans are stringent when it comes to income qualification and appraisal but liberal when it comes to credit score ( as low as 550 FICO is possible) and LTV. Hope this answers your question.

David asks…

How much would my monthly mortgage be on a 300k property if a put down @ 30k, and am a first time homebuyer?

I know there are a lot of options as far as loans go, what is the best? And what would I be looking at monthly ballpark?

John answers:

OOh! I’ve got a great website for this. Go to www.dinkytown.com and there are calculators for everything! You can use the mortgage calculators to find out payment amounts, how much you can afford, etc. There’s hunreds of different ones. While you’re there check out the other calculators like the one where you find out how much you need to save to be a millionaire by a certain age! You’ll love it!

Lizzie asks…

Find out if I can qualify for a home loan?

I wondering if I can fill out a demo home loan? I want to buy a house in the future but I don’t know if my credit is good enough. Is there anyway to find out without actually applying for a home loan?

John answers:

Http://www.mortgage-calc.com/ here is a website for you to check if you can qualify for a mortgage.

When you type “mortgage qualifier” or “mortgage calculator” you will get tons of sites to help you.

Is there anyway to find out without actually applying for a home loan? Yes there is.

I can recommend seeing a mortgage broker. They are very helpful. They would try to bring you the best rate with the best monthly payments. They WILL NOT apply for a home loan unless you give them the approval. Just make an appointment with a reputable mortgage broker and ask all the questions you want to find out.

Before you apply for a loan I strongly advise you to pay out all the outstanding credit card debts if you think that your credit rating (aka bacon score) will be low. If you have outstanding credit card debts pay them and bring them upto date and your credit score will go up within 3 months.

Sandra asks…

What are all the bills in debt-to-ratio calculation?

I keep looking at all these debt ratio calculators to try and figure out my percentage, but they all ask for mortgage, credit card, loans and car loans. Then the last question is all other bills? So what bills do I include in this? do I include my cell, electric, water, car insurance? can any one tell me what bills exactly do banks calculate?
thanks

John answers:

Only something to which you owe on like loans, outstanding bills. Not regular bills like rent, electric, car ins are not included those are just normal regular monthly bills not debt. Unless youre past due on your accounts then that is considered debt

George asks…

How much of a mortgage will will we get approved for?

Combined, me and my wife make about $125K per year. We both have pretty good jobs and have been with our companies for several years. We both have excellent credit scores (she’s 720, im 820). We will most likely be putting down between 5-10% on the home we buy. We don’t have any credit card debt and very little other debt(school loan/car). How much will we get approved for based on those aforementioned details?

John answers:

You are approved.
Google: How Much House Can I Afford Calculator
Just don’t do anything to your credit 6 months before getting that home loan.
No new cars, no carrying balances on credit cards, no new credit cards

The rule of thumb (the old one)
A mortgage should never be more than 3x your annual salary
The new rule seems to be
Two times your annual salary

The housing market is near it’s bottom – get a good deal
Consider a few books from a library or bookstore
Foreclosures/ short sales for Dummies
Home Buying for Dummies
Mortgages for Dummies

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