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Theodore Said:

How to use a Mortgage Calculator?

We Answered:

You must be entering something wrong. I just plugged your numbers ($85K annual income, $1000 monthly debt) into a mortgage calculator, assuming no down payment whatsoever and an interest rate of 6 percent, and wound up with a mortgage of about $230-$250K. That fits right in with the general guideline that your mortgage should be between 2.5 and 3.0 times your annual salary.

This is the calculator I used:

http://cgi.money.cnn.com/tools/houseaffo…

Kristin Said:

can a disabled couple on SSD get a mortgage?

We Answered:

I suspect you'd need to go with a WHEDA loan. You'll know more by talking to the bank. They want people to make payments, and they look at so many factors. Income is a major one. Banks are real shy about doing home loans right now so you would need to talk to the bank of your choice about this to see if they're agreeable to the risks you present.

But pay off the loans first, they WILL do a credit check and any outstanding amounts will be a bad mark against you if they're delinquent. You want to give as good an impression as possible.

Peter Said:

How much do YOU pay for your mortgage? How much were you preapproved for?

We Answered:

This is a great question and I hope a ton of people answer because I would also find this information invaluable. My fiance and I recently went in for a mortgage consultation, they pre approved us for $300,000 with a 10% down payment. I make $54,000 a year, and my fiance makes $30,000. I don't have the other information in front of me, but we have yet to decide how much of the loan we will actually use. We are in a very similar situation and are wondering how difficult it would be to manage the full loan amount, we will probably borrow around $260,000.

Good luck to you!

Wallace Said:

Attn. U.S. Mortgage Brokers and Bankers, How Much Would you Approve Me For?

We Answered:

33% of your monthly NET income is the high end of what you could afford as a payment to a lender.

if you take home 1000 a month, then your mortgage payment would be 333 dollars.
you do not "tell" others what YOU can afford. they will figure out WHAT they will lend you based on your income, time on job, credit payment history, etc.