First of all, you MAY have a problem using income from brand new jobs. Some lenders don’t give much/any weight to that.
Even with huge assets, lenders like to see INCOME.
Sometimes retired people need to go stated income to get approved, but they still need income sources to verify.
Without about 20 pieces of information, there is no possible way to answer your question correctly.
Your middle credit scores are the first question. The higher they are, the better it is.
Depends how much other monthly debt you have (credit cards, car payments etc)
Assuming a loan amount of $417K or less, at todays BEST rates FULL DOC you are looking at a monthly payment of about $600 per $100K for a fully amortized 30 yr fixed.
OR
$530 per $100K interest only.
Add at least $100 monthly for property taxes per $100K of Purchase price to the payment above.
YOU need to decide what is comfortable debt for you. IF you qualify, lenders will loan you more than should be comfortable, (it’s insane)
They might loan up to 60% of gross income in some cases.
How much of your income are you willing to spend to “buy” is your decision.
I can underwrite FNMA loans, I never know what they will approve or decline, it’s based on overall strength of the borrwers. With your assets, you might be approved for a great rate.
Without a better picture of you & “nice lady” it’s impossible to quote you.
Your situation might look like a no brainer a lender, however, you may not get full doc great pricing.
If you haven’t had a self employed side business for at least 2 years, you cannot go stated.
With a decent credit score and $200K down, you might also get an OK rate with a no doc or no income loan from a prime lender
OR
a loan from a subprime lender.
This is where they step in, situations that cannot get approved at better rates.
Who knows what rates, programs or guidelines will be next spring.
I always wonder….
What if there were NO lenders and people had to pay cash for houses. I bet that prices would be a whole lot lower….
