Comments on: Would I qualify for a 300,000 home loan? http://www.vegasbubble.net/would-i-qualify-for-a-300000-home-loan Just another WordPress weblog Tue, 07 Sep 2010 01:01:10 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: zeuz http://www.vegasbubble.net/would-i-qualify-for-a-300000-home-loan/comment-page-1#comment-5509 zeuz Fri, 05 Mar 2010 11:09:15 +0000 http://www.vegasbubble.net/would-i-qualify-for-a-300000-home-loan#comment-5509 300,000 at 5% for 30 years is $1,610 / month. I'd say it should be an easy approval. 300,000 at 5% for 30 years is $1,610 / month. I’d say it should be an easy approval.

]]> By: Lancer Sykera http://www.vegasbubble.net/would-i-qualify-for-a-300000-home-loan/comment-page-1#comment-5510 Lancer Sykera Fri, 05 Mar 2010 11:09:15 +0000 http://www.vegasbubble.net/would-i-qualify-for-a-300000-home-loan#comment-5510 A 300k loan for 30 years at 5.01% would result in monthly payments of $1612, plus whatever mortgage insurance they decide to add on monthly. It sounds like something you might be able to afford making payments on, but the bank/VA might see things differently. It depends on what that would represent as a percentage of your disposable income. In the meantime, if you have that much cash saved up, pay off the credit card already, no sense in wasting money on interest carrying that balance. Also, if things don't work out, the next step would be to look for something quite a bit cheaper. I don't live on that side of the country, I don't know what real estate in Las Vegas is like, but holy mackerel. You could buy yourself a nice townhouse in south central PA just with the money you have saved up, and a mansion on a hill with $300k. It just seems like way too much of a house and mortgage for a 23 year old, and for what I'm assuming is going to be your first house. A 300k loan for 30 years at 5.01% would result in monthly payments of $1612, plus whatever mortgage insurance they decide to add on monthly. It sounds like something you might be able to afford making payments on, but the bank/VA might see things differently. It depends on what that would represent as a percentage of your disposable income.

In the meantime, if you have that much cash saved up, pay off the credit card already, no sense in wasting money on interest carrying that balance. Also, if things don’t work out, the next step would be to look for something quite a bit cheaper. I don’t live on that side of the country, I don’t know what real estate in Las Vegas is like, but holy mackerel. You could buy yourself a nice townhouse in south central PA just with the money you have saved up, and a mansion on a hill with $300k. It just seems like way too much of a house and mortgage for a 23 year old, and for what I’m assuming is going to be your first house.

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