What loan option is the best?
Plan to buy a home soon. Self employed with 810 FICO score, debts I pay is $300 per month with income of $120k a year. How much home can I afford? Do I apply for a bank statement loan or traditional one? Which will give lower interest rates? by robert81 from Denver, Colorado. Dec 12th 2022
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
apply for a regular loan if you have been self employed for 2 + yrs and assuming your tax returns can support the 10K monthly income ...the rates and terms for a " regular " loan will be much better than the bank statement type loan
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
The best answer is to ask a licensed loan officer these questions after you've given them a full and complete application. But, the quick down and dirty answer is most people can qualify for a loan amount about 4 times their yearly income. So in your case, $120k/yr x 4 = $440k loan. I lend in MN, WI, IA, ND, SD. Find me at Wi-Mortgagebroker.com | Cambria mortgage, NMLS 274132
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