How much of $ mortgage loan can I "possiby" get with these details?

Credit score is 734;
Total income $28,000;
Total debt $850.00 per month
Have $4000.00 as down payment

and being a first time buyer.
My debt includes Car Payment ($500.00), Credit Cards ($250.00) , Cell phone bill ($100.00)

Best Answer:

womansworld: Credit score is 734 – that acceptable
Total income $28,000 – max 98k in loan
Total debt $850.00 per month – that could affect how much you can borrow – work on clearing credit card debt
Have $4000.00 as down payment – that means nothing. Look at down payment in terms of a percentage – you need to put down at least 10% of the asking price. So for a house costing 100k, you need 10k deposit. a 4k down payment would get you a 40k house

if your wife earns 58k, then it is silly NOT to include her, low credit score or not. Getting a joint mortgage means you could possibly borrow over 300k

I suggest you speak to a mortgage advisor to find out where you stand

Other answer:

Not much, maybe 40k. That's a large debt payment on such a low salary.

Edited to add: My opinion – work on improving your wife's credit before you try to purchase a home. If you use her income, you'll also have to use her credit and you won't qualify for anything. is a great place to go for advice to help you clean up past issues with your credit.

Pay off those credit cards. If that's minimum payments, you must owe quite a bit. Your car payment(s) are high for someone with your income level too. I'm not pointing this out to be mean – the banks are going to question your choices and ability to handle a large purchase like a house. Live frugally and pay those debts and you'll be in a much stronger position.

Honestly, you can get a FHA loan pretty easy with those stats but you will have to pay PMI or Mortgage insurance which doesnt go to anything but an insurance companies pocket and you cant write it off your taxes. If I was you I would get a second job and work your **** off till you have the full 20% down + closing costs then do a conventional loan with no PMI.
Keep renting, or get your wife's income included. Also, YOU SHOULD HAVE NO CREDIT CARD DEBT. !! Foolish to pay 18% interest while earning 0% in the bank. If the car has a high interest rate, get it paid off, too. {And $4,000 saved is chicken feed when wife is earning $58,000. You need to be financially smarter.}
Love big words:
Talk with a mortgage broker
with the debt you have you can't afford a house on $28K
probably around 84k

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