First Time Home Buyers; Mortgage Qualification?

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How large of a Mortgage to most first time home buyers qualify for? Should I expect a high interest rate, or does that solely depend on my credit score?

Also, are there any suggestions on a good Lender that would maximize the loan amount for a first time buyer?

Thanks!

4 Comments
  1. Reply
    the kid
    May 14, 2011 at 12:03 am

    Interest rate depends on credit. The amount depends on income.

  2. Reply
    Ryan M
    May 14, 2011 at 12:46 am

    The size of the mortgage depends on INCOME and debts. Some people can qualify for $ 1 million on their first home and others can barely afford $ 50,000. Your interest rate depends on YOUR credit. Any “good lender” would never maximize the loan amount over what your income can actually afford. They all pretty much use the same exact standards. The difference will be closing costs and interest rates between lenders.

  3. Reply
    Iffy
    May 14, 2011 at 1:04 am

    3 times annual income. Means if you earn 50k a year a lender will approve up to 150k mortgage
    If your credit score is 750 or better you get a low rate
    No lender specializes in 1st time home buyer, they all look at your credit worthiness, income, debt and how much cash you have for a down payment. Suggest you borrow the book ” Buying Your First Home” from the library and do some research

  4. Reply
    Greg Cook
    May 16, 2011 at 10:18 am

    Question is too general for anyone to give good advice.
    There are a lot of programs for first time home buyers that
    many lenders have or chose not to use.
    General rule of thumb: Your new monthly payment (all in) should not exceed
    one-third of your gross monthly income.

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