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re: Help determining how much mortgage I can afford
Posted on 4/17/15 at 8:27 am to PhiTiger1764
Posted on 4/17/15 at 8:27 am to PhiTiger1764
quote:
It's just not reasonably doable if you want to own a house before you turn 30
Not saying it's easy, but it's not close to "not reasonably doable". I'm not trying to toot my own horn, because I was able to live with my parents rent free for a while (travelled constantly and was never home). So I know my situation wasn't normal. But I was able to save up for an engagement ring (damn near a year's rent) and 20% down on a decent starter home in two years. I lived like I was still in college. Never spent too much on anything (besides the ring). I had a house by 26.
And to whoever said find out what the bank will lend you and divide by half, you are pretty spot on. They will give you ridiculous amounts of money if you have decent credit. Be very careful with that.
1
Posted on 4/17/15 at 10:15 am to KG6
quote:
KG6
quote:
And to whoever said find out what the bank will lend you and divide by half, you are pretty spot on. They will give you ridiculous amounts of money if you have decent credit. Be very careful with that.
I wanted to touch on this and point out that it's completely out of touch with today's lending realities. The days of No Income/No Asset (NINA or Ninja) Loans are gone. SISA's (Stated Income/Stated Asset) are much more stringent now as well. You cannot simply obtain an approval letter by having your Tri-Merge pulled anymore.
Any lender worth their salt-broker side or institutional/banker-is going to verify income and at least inquire about assets along with a tri-merge in today's lending climate.
This post was edited on 4/17/15 at 10:16 am
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