Make 98k. Under contract for a house at 450,000. Have 0 debt. Should I have any issues getting approved for a loan?

Already have 2 renters lined up as well. It’s a 3 Bedroom home.

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What interest rate?

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OP, if you are so nervous why not just wait until you get your raise and can afford the payment? Prices are dropping like crazy anyway.

You’re under contract and you haven’t been approved for a loan yet??

funny

I was able to get pre approved, just never fully approved via the application

You’d probably get approved, but all your income is gonna go into that house

I’ll have renters for at least 2 years. Average rent of a 1 bedroom is $2000 where i am at. I’m also 25 and am expecting a raise this upcoming cycle and I plan on refinancing as soon as it makes sense.

Is that including bonus or just base salary

Ahh that’ll be tight. Probably need to budget for repairs and buying stuff to move in

You will have issues getting approved. The mortgage company won’t consider the income from the renters.

What is monthly payment? Don’t make me do the math.

Electricity is not sub-metered. We will just split it equally.

My story from a long time ago - very similar to the numbers you have now except the interest rate was 4% and it is a two family house so the rental income was considered on the loan application. There is a limit on debt (or payment) to income ratio, I forget what it is but the lender should have the info.

How are you under contract without pre approval?

I have a pre approval

Max dti is 45% for conventional and you are at 39%, so technically you can get approved. You will be house poor for a while but if raises come through and you have solid renters for a few years, roll the dice !

Is this a single family home? Or apartment with 3 bedrooms?

Single family home

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