Would i qualify for a home loan of $190k making $18 an hour? I have excellent credit. ?

My credit score is 780 and I dont have much debt. 

17 Answers

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  • B
    Lv 7
    1 month ago

    a home loan of $190k requires an income of about $50k, check with your bank to see if $18/hour which is about $38k.

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  • 2 months ago

    sorry to say no.....................

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  • 2 months ago

    Not enough info to make an educated guess

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  • 2 months ago

    It just isn't possible. I'm not sure you would qualify for a home loan of $125k, unless you put down perhaps $75k. That might make a difference.

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  • 2 months ago

    How much cash do you have on hand to cover down payment and closing costs. The minimum you can get away with for a down payment (unless you are an eligible US veteran) is about $6,700 (for FHA). Maybe another $3k - $4k for all closing expenses and bank fees, and then there's the first year property tax up front and whatever a homeowner's insurance policy costs. Total could be $15k or more.

    If you don't have that much on hand, then you need to wait until you do have it. If you do have it...

    $18 an hour on a 40 hour week is $720 a week x 4.33 weeks. That's about $3,200 a month. When I was selling in the '80s and '90s, the qualifying ratios for debt to income were tougher. They have been raised.

    They used to be 28% of gross monthly income for the total housing payment including principal, interest, taxes and insurance, and 36% for that plus other debt.

    Now it is 31% and 43%. Your income would let you have a monthly payment of $992 - let's call it $1,000.

    The key is going to be the property tax. If you are buying where taxes are low, your purchasing power is MUCH higher. Where I live, monthly property taxes on a house worth $190k run about $600 a month. That would kill you. Somewhere in the southeast US, taxes might be $150 a month or less. That is why home values have risen faster in southern states than in many areas in the northeast that are outside the big population centers - lower taxes, more spending power.

    Assuming the monthly outlay for taxes and that insurance policy are no more than $200, you still come up short. Your $800 to go toward the loan will only buy you, right now, at 4.5% for 30 years, a mortgage for $158k. Add your down payment of $7k and your max purchase price is $165k.

    To go any higher, you need more income, a bigger down payment, or a combination of both.

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  • Judy
    Lv 7
    2 months ago

    No, you'd qualify for a little over half that much.

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  • Anonymous
    2 months ago

    Your total annual income multiplied by 3 is typically the value of home you would qualify for.

    Your income puts you in the $100K to $125K price range for a home.  If you had a big enough down payment, you might even be able to get a $150K home.

    Just a tip - when buying a home it is sometimes better to look in smaller neighborhoods or smaller towns near the bigger city you might like to live in.  You can often find a home that would be worth 190K if in a different district but because of location, it is valued lower.   Part of the value of the home is the location of the home.  And it doesn't always mean a "bad" neighborhood.  It just sometimes means a less popular neighborhood.  (two identical houses could have completely different values just based on the location of the house)

    Basically, you can get a better house for less money if you pick the right location.  

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  • 2 months ago

    So basically you make a little over $37k/yr.

    $37k / 12 mos = $3120/mo

    $190k / 30 yrs / 12 mos = about $530/mo

    I don't see why not. These numbers would be without interest, mortgage insurance, real estate taxes, etc. The mortgage principal would also be smaller the larger the down payment yo put down also.

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  • 2 months ago

    you might,just try it and see and then you'll know

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  • Anonymous
    2 months ago

    Ask a loan company, they could use a good laugh.

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