If someone makes $96,000 a year and has a credit score of 700, what kind of home loan can they get?

Working on both will benifit you. With a 740 fico score you will not have an adjustment to your interest rate because on your score and with 20% down payment there will not be an LTV adjustment.

An underwriter will us generally 45% of your gross income to qualify you. Including your mortgage principal and interest, your taxes, insurance, any mortgage insurance and all your other debt payments. So you if gross 96k, thats 8k a months and 3600 at 45%, meaning all your payments must be less than this number. Just a general rule of thumb to help you understand. Keep in mind that people who write off their expenses, will have these amounts deducted from their earnings. Talk to a loan professional in your area, and get pre-approved.

Most lenders will approve a Debt To Income (DTI) ratio of 45%. This means that, based on your income of $96,0000, your total monthly debt (house payment, car, credit cards, school loans, etc.) should not exceed $3,600. The question I always ask my clients is "what kind of monthly payment are you comfortable with for a house payment?"If your credit score stays at 700, your interest rate would be 1/8% to 1/4% higher than if you had a 740 credit score.

with the market as distressed as it currently is, i wouldnt wait. if you have 3.5% down you can get into a home, and that can even be in the form of a gift with a few restrictions. without seeing your actual report no one can honestly say this or that will raise your score. If you want to get a full copy i can provide you with one as well as run a score improvement program with that report and help you see what things you can do to increase your scores.... of course with no obligation.... all the info and link to my personal web pages with the bank are on here if you look up my profile.... thanks john