I am a first time home buyer with under 20% to put down on a house. I make approximately $40,000 annually (gross). I have absolutely no outstanding debt and an excellent FICO score (760+ last time I checked). I know the formula is typically 2 1/2 times your income, but that would mean I could only get approved for around $100K and where I live, there are no houses in that price range. A decent Condo/Townhouse (which is what I am looking for) in my area starts at $200k.
What are the chances that I can get approved for a $200k - $225k mortgage?
2006-12-24
10:38:04
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11 answers
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asked by
kloffolk
2
in
Renting & Real Estate