if i make 110,000.00 how much of a home loan can i get?

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This is for an interior design project, and i would love if i could have a straight-forward number answer.

$110,000 with no car payments and no alimony or child support going out..

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I have a $30,000 income and my husband has a $20,000 income. so i was wondering is it possible for us to buy a $400,000 - $500,000 house or should we just settle for a condo or an apartment? what kind of lifestyle can we live with this income? if we save a lot of money is it possible to live in a $400,000 - $500,000 house? how much money should we save a year then? our rent that we are currently paying is $900. plus my daughters braces is $150 each month,which is soon going to be off and i have to pay $1,000 worth of bills

Lol...no, the most you would qualify with your income is in the 140K-150K range. You don't make enough each month to pay a 400K-500K. Your monthly payment would be over $2500 a month...plus you would need at least 90K as a down payment.

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I make 30$ an hour. about 50,000$ a year. i am single no kids. i want more income so i want to get a 400,000$ mortgage and buy 4 different investment properties.(100,000$ each) from the properties i have been looking at the average income of four apartment buildings would be about 40,000$ a year and that after everything! heat, electricity, taxes everything. i know that the banks probably wouldn't give me a 400,000$ loan to blow on a house just for me but where i would be increasing my annual income by approximately 40,000$ by buying apartment buildings could i get the mortgage? and i also have a 60,000$ down payment. (15% of 400,000$) and i also know that most of my profit will be going on my mortgage payment but with the extra income i would definitely be able to make the payment. i was looking at a mortgage calculator and a 10year mortgage of 340,000$ (400,000$ - my down payment of 60,000$) at 7% interest rate would be 3930$ a month and my rent income would be 4000$ a month so i would still have 7$ profit. i cant see why i could not get the mortgage cause i could definitely make the payments but im not a 100% sure so any info would help. thanks

The way to make this work is for you to buy a 2 or 3 or 4 flat and live in the building. Otherwise it won't work. Frequently after 4 units, even if owner occupied, you make the higher down payment and pay the higher interest rate, but check around with lenders. You need larger down payment for investment, non-owner occupied dwellings. It's harder to get loans, there is higher down payment and higher interest rate when not owner occupied. Banks only count 65% of rental income as there could be vacancies. FYI: Knowitall, There are wrap mortgages that cover more than one property, but doubt he could get one as a novice real estate investor.

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Question: how much do you have to be earning a year or have as 'family' income to qualify for the above - question: what credit score will banks and credit unions require of you - question: what can you get with $73,000 a year income

Last question first: You will need to put down 20% and your annual loan payments need to be less than 1/3 of your annual household income. Your maximum annual loan payments will = $73,000 / 3 = $24,333 = $2028/month. On a 30 year loan with a 5.21% (today's rate) will get you a $369,000 loan. With 20% down ($369K/0.8) you are looking at a maximum purchase price of $461K. I can do the math and speak from experience, but since I do not make loans I cannot speak about credit scores. There are lower quality loans with higher and or variable interest rates that require less down and a greater percentage of household income . To avoid foreclosure, you are advised to get a 30 year fixed rate loan and pay it off in 15 to 20 years.

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Just wondering in simple terms how much you guys spent on your home compared to your income. say if you make $100,000/year, should you buy a $400,000 house.

No, you should not. The absolute maximum recommended is 3X your annual income. 2.5X is much safer and affordable.

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80% first loan and a 20% second loan so theres no pmi, and u just made the income to debt ratio on the loan itself ( i have no credit debt or other loan debt and my credit score is above 750) and even though im not putting any money down ( i dont have any to put down) if i just made the debt to income ratio to be approved for the loan.....where do i get the money to pay the 10,000% closing cost, and escrow cost..... do sellers always pay all of it? what if the buyer doesnt want to pay any of it, or he only pays the (minimum possible on his part.) it seems like alot of people can barely afford a house with no downpayment.....but even thought they are appoved based on the lenders debt to income ratio.....the taxes, home owners insurance, and the closing cost.....now made it immposible to play. if i payed 10,000 for the closing cost, and the how ever 1,000's$ on taxes....then i dont make enuogh for the mortgage paymesnt that year...beciase the closing cost is soo high.

You can get 100% loan, but there are closing costs - however, you can also get a loan for over 100% - some up to 107%. 10% in closing costs seems very high for someone with good credit and stable, verifiable income that qualifies. Paying for the cloaing costs does not decrease your income for that year, that is a one time expense and does not affect your debt-to-income ratio. Most people negotiate with the seller to pay all or some of the closing costs. Most lenders allow for them to do this up to either 3% or 6% of the purchase price. The seller does not have any out of pocket expense so usually is game for the practice. Instead of negotiaing the price down by another $10,000, negotiate to keep the price the same with the seller paying the costs - same thing to the seller! Last - you need a good mortgage broker. If you have one now, either he is not very good, or you're not listening to him. Unless you are very experienced with loans, let the mortagge broker tell you what is best once he understands your position. By trying to tell a broker what kind of loan you want, you are limiting yourself. Most real estate agents get this mixed up also, they try to dictate mortgage with teh buyer and the mortagge guy - this is backwards and you should not listen to the agent as much as to the mortgage broker. Agents only know some of lending - the very basics. Sorry agents, but it's true. I've seen too many times when the buyer got a lot worse than what they could have because of bad advice from their experienced Realtor.

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Any luxury car with that income. if you can afford it, how ? say rent is $700 and $400 misc. no loans or credit card payments.

well... depending on the model and if its new or now you probably could. insurance would be very high and if you are young, even higher. but here is my question. instead of the car (which looses value as soon as you leave the lot with it.) why not save money and buy a house? first, even in a bad economy, houses are great LONG term investment. Renting means you are paying someone else's mortgage. if you really want the car, go used or certified pre-owned. your payment will me lower and so will your insurance.

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What would you consider a comfortable median household income? also, what kind of income would you need (in massachusetts) to buy a house in the $400,000 range?

I think at least $50,000 is good for singles but if your a married and/or with children then you should double it with at least $100,000. To buy a $400,000 home then you're going to have to earn at least in the low $100s

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I am thinking instead of buying one house and getting the $400,000 mortgage i was offered that i would like to buy four houses each with a mortgage of $100,000 and rent them out for the income. will the bank be less likely to offer this? i want to know before i call them. thank you! thanks, i have no problem paying four down payments instead of one. i just wonder if the bank would lend as much if it's broken up four ways.

It doesn't quite work that way. You can take out a $400,000 loan (not a mortgage) and use that money to purchase the four homes, essentially in cash. You can't take out a $400,000 mortgage unless you have a specific house for which the mortgage applies (and it appraises for at least that much).

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Ok, so our combine income is around $140,000. we both have debts(my car loan of 343.00/mo which falls off in 12/09 and her student loan 600.00/mo for 5 more years). we don't have debt in credit cards as we make full payments every month. we're looking at buying a $400,000-$450,00 house for the 2 of us. ideally, we want something nice(if we have kids and planning to live for 10yrs+). we both like to travel and buy things. being that said, could we afford that price of home and still have money to save and purchase things? i did some calucations and after $2500 mortgage, debts,utlitles, spending of $1400.00 for entertainment etc, we'll still have about $1500.00 to save. what do you guys think? we're both going to be 1st time home buyers.

Rule of thumb is 2x to 3x your income on a mortgage which is $280,000 to $420,000 for the two of you. $400,000 will be a stretch and $450,000 should be too much. A more detailed guideline is to spend no more than 28% of your gross income on a mortgage payment and no more than 36% of your income on your total debt service . These used to be the ratios that banks would use, but in the real estate run up the rules became looser and I would suspect they are tightening back up again. The 28% of your income comes out to be $3260. The 36% ratio for you is $4200 and every debt payment has to fit in under that, mortgage, car payment, student loans, credit card minimums, everything. So, you have 5 more years of $600 per month and a car loan for 343 per month which means that even using the 36% with your other payments that a $3260 mortgage payment is ok. Let's assume for a minute that your mortgage is 400,000 (and you are putting 20% down on the house to avoid PMI - that's an $80,000 down payment). Your principal and interest on a 30 year fixed loan (don't get an ARM or an interest only loan) would be $2400 per month. Add in $150 per month for insurance (could be more or less) and $600 per month in real estate taxes (1.5% of home value per year - could be less, could be MUCH more) and now you are at $3150 per month. Still technically affordable, but I would guess there wouldn't be too much left over for fun and travel. Try this, pretend you have a $3150 payment (save the difference between your rent and this payment) for a few months to find out how affordable it is. Also think about your future and if you want a family and if your wife might want to stay at home with the kids... You might want to choose to buy something less expensive to keep your financial options open. good luck!