• Hi, I am the owner and main administrator of Styleforum. If you find the forum useful and fun, please help support it by buying through the posted links on the forum. Our main, very popular sales thread, where the latest and best sales are listed, are posted HERE

    Purchases made through some of our links earns a commission for the forum and allows us to do the work of maintaining and improving it. Finally, thanks for being a part of this community. We realize that there are many choices today on the internet, and we have all of you to thank for making Styleforum the foremost destination for discussions of menswear.
  • This site contains affiliate links for which Styleforum may be compensated.
  • We would like to welcome House of Huntington as an official Affiliate Vendor. Shop past season Drake's, Nigel Cabourn, Private White V.C. and other menswear luxury brands at exceptional prices below retail. Please visit the Houise of Huntington thread and welcome them to the forum.

  • STYLE. COMMUNITY. GREAT CLOTHING.

    Bored of counting likes on social networks? At Styleforum, you’ll find rousing discussions that go beyond strings of emojis.

    Click Here to join Styleforum's thousands of style enthusiasts today!

    Styleforum is supported in part by commission earning affiliate links sitewide. Please support us by using them. You may learn more here.

How much will banks be looking for salary-wise to afford a 200k home loan?

oceans11

Senior Member
Joined
May 5, 2008
Messages
238
Reaction score
0
If you have shakey credit but a decent down you can go FHA & get kick ass rates. FNMA/FHLMC as long as your score is tight & you have some small explainable blips then as long as your underwriter get's what's called an approve or approve/eligible thru their automated underwriting system or AUS then you can be good to go to. $200K through FNMA/FHLMC will require a max debt ratio of around 38/43 or 38 front end & 43 back end unless guidelines have change recently which is very possible. A 200K mortgage at a plain white bread no jam type loan like 30yr fixed @ 6.5 will run Principle & Interest about $1264.14 but that's before Haz insurance & taxes which most investors now a days are requiring to be paid monthly through your loan or whats called impounded. And unless you put down a min of 20% you'll also have to take on Mortgage Insurance which obviously is diff than haz insurance. Anyway, going full doc & showing all your income off the top of my head I'd say you'd need to make around $4500 a month & that's without any major debts. Just to qualify debt load wise to cover the house. Excuse me if my calculations are off but it's been about 2 yrs since I was in the industry.

Hope that helps.
 

Piobaire

Not left of center?
Joined
Dec 5, 2006
Messages
81,723
Reaction score
63,071
Originally Posted by gdl203
Is that a Prop. 8 joke?

crackup[1].gif


worship.gif
 

gnatty8

Stylish Dinosaur
Joined
Nov 12, 2006
Messages
12,643
Reaction score
6,139
Not sure if anyone mentioned this yet, but you might be able to get an FHA loan, which keeps your down payment low. Won't do much for the annual income thing though, and agree you probably need something in the $50,000 or more, depending on what other debts you have.. Good luck.

Crap, the guy at the top of the page mentions FHA also, so ignore this one..
 

Dakota rube

Stylish Dinosaur
Joined
Jan 14, 2005
Messages
13,306
Reaction score
237
FHA now requires minimum 3.5% down payment plus closing costs.
 

Pylon

Senior Member
Joined
Sep 9, 2008
Messages
198
Reaction score
0
Another piece that would help your situation is to improve your credit rating. Pay down any credit card debt you might be carrying (since that's pretty much financial insanity to carry credit card balances), consolidate your credit lines if necessary, never miss a payment deadline, never pay just minimum payment, etc.
 

Featured Sponsor

How important is full vs half canvas to you for heavier sport jackets?

  • Definitely full canvas only

    Votes: 55 35.5%
  • Half canvas is fine

    Votes: 60 38.7%
  • Really don't care

    Votes: 17 11.0%
  • Depends on fabric

    Votes: 27 17.4%
  • Depends on price

    Votes: 28 18.1%

Forum statistics

Threads
505,173
Messages
10,579,194
Members
223,887
Latest member
collywily
Top