will i get prequalified for a mortgage $200 - $300k with my income?

I highly recommend reviewing your home loan scenario with at least one experienced mortgage broker or banker in Pennsylvania as they can give you a clear picture on your loan options, what you qualify for currently and what you could expect if you wait and save until you have the 20% down payment. Today there are good options even when you do not have 20% to put down.

More info is needed as qualification does also require info on your current consumer debt, type of property. Also gross income is used in qualification for a loan. Also depends on whether you are thinking of FHA or conventional financing, though conventional would be a less expensive loan since you have a reasonable down payment. Off the cuff it would appear that $300K would be a little high for you to qualify for. Again more info would be needed. Contact your local mortgage professional with complete details to determine what you may qualify for.

There are numerous factors involved. How much money you make, what is your down payment size, what loan terms, and what are property taxes and insurance. Next, what do you have for other debt? Car loans, credit cards, student loans. Then finally, how much do YOU want for a payment. Talk to a local mortgage broker in your area. Give them a full application so they can help zero in on what you can or can not afford. In MN, WI, and SD - visit www.StPaul-Mortgage.com

I am happy to help you. Please either call me at 215 238 9400 or go to http://theloanapp.com and fill in your info.Fred GlickNMLS #133975U S Loans Mortgage, Inc

Lenders qualify borrowers based on their debt to income (DTI) ratios.. you provided your income, but not your debt.. and lenders do not look at your NET income.. DTI is calculated on Gross income.. It's realistically, unless you have a ton of debt, you should be ok, but to know for sure, we would need much more info.. If you want to know for sure, then the best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see the complete picture, they can properly advise you.. By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

The best advice I can give you is to contact a local loan officer, do a loan application and have them review your income and credit to get you a true pre-qualification. If you need to find a good loan officer you can look at the top right of this website under the Community tab. Best wishes, Sean

Its very possible that you would qualify based on what you stated but the information is incomplete. Lenders use gross, not net, income to determine qualification. The type of income would have to be evaluated, along with your credit scores, other monthly payments, and the source of your downpayment and closing cost money. But it looks promising. Call me at 610-308-9001 if you would like to review qualifications. Ed Fallon, NMLS #144708, Univest Bank & Trust Co.