How much does having two people on a home loan, as opposed to one affect loan amount?

My girlfriend of 8 yrs. and I are looking to buy a home soon. I tried going through the preapproval process earlier in the year, and was approved for roughly $60,000. If I add my girlfriend onto the loan, how much more will it affect the loan amount by? I work 33hrs. a week @ 18.85/Hr. She works 20hrs. a week @ $8.00/hr.

How much does having two people on a home loan, as opposed to one affect loan amount?
A good of rule of thumb is to take your annual salary and multiply it times 3. Then subtract any debt that you pay out of that. For example if you make $20,000 a year on a W2 you could be approved for $60,000. If she also makes $20,000 a year you both could be approved for $120,000. Credit, proof of income and other debt are huge factors in this too. And a downpayment of at least 3%(on FHA loans) is required, there is no such thing as 100% financing anymore.....no matter what anyone says.





It can be very difficult to buy or refinance a home in today's market.
Reply:In your case not much.


takes a income today of $3500 a month to own a home.


In california you would not even qualify for a house.


a condo maybe. even with allowing you make net 60


thats 20k for housing a little over 1375.00 a month plus PITI


principle.interest.taxes.insurance


another 500 for food a month


500 car costs


500 bills phone,electric,water,garbage,credit minimum





if you bring home half that 60k


30 k and your monthly outlays say 1500 house


thats 18000 of your incometake home this leaves you


12000 a year to live on no kids


you dont have enough take home on one income to afford 1500 house


payment maybe more like 1000 a month then your okay but these


days 1000 a mnth is low rent aptmnt with few bills even dding your gf


your at best in a small starter house struggling.


remeber your property taxes of over 150 a month for a house.


60k dont go far these days as the costs and inflaion rise with


devalue of the dollar our incomes dont meet or catch up with cost of ivings paces.


get two jobs in order to survive well you need another 60k income.


so you can ave at least ones retirement income fund.


cheers






Reply:Assuming her credit score is about the same as yours (or better) and the bank holds to the same income to mortgage ratio, expect your loan amount to be raised by about $15K (it looks like they have you on a 2 times annual income ratio).
Reply:Her income won't be enough to make that much of a difference, but you might get another 10k or so out of it. It's hard to tell these days, just go back to the bank with her and her documents and ask the mortgage broker.
Reply:All u do is go to a loan calculator and add in the income. It will probably raise the loan amount by 1/3


PS: unless she is your wife, I would not put her on ANY loan of yours ESPECIALLY THE HOME WHERE U LIVE
Reply:Depends


Loan depends on total income of you two and your respective credit ratings


Do the prequalification with her and find out, or use online calculators





Rule of thumb, pay only 1/4 of monthly income on housing