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what can i afford income of 2,748can i afford ahouse of twohundread thousand to threehundread thou

my down payment would be 20,000 and my credit is between 640-650 what type of loan would you recommend me

thanks
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September 07 2013 - Mission Hills
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Answers (4)

General rule of thumb is to take your Gross Annual Income and multiply it by 4 and that's the home you should be able to qualify for. It would appear on the outside that you do NOT make enough to qualify for anything over $130K without a co-signer.
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September 11 2013
is your income $2748 a month??

and...........you have $20,000 to put down?

Answer: No, you cannot afford to buy a home between $200,000 and 300,000 even if you have no debt (something you didn't address).

Now, if your income is $2748 a week, that's a different story.


Talk to a mortgage rep who can tell you what price range you should be exploring, but 200-300 is too high with a monthly income of 2748.

Best wshes
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September 09 2013
There are other factors as well that can affect determine how much you can afford. Although income and credit scores are important lenders like myself look at factors such assets, liabilities, debt, employment, down payment, etc. These will all come in to play in order to determine if you can qualify for a loan and how much you can afford. I would recommend speaking with a lender like myself that would be more than willing to help you out.

Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me.[promotion deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]

Good Luck!

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September 09 2013
I would first enter a generic purchase scenario in the Zillow Mortgage Marketplace under the "Mortgage Rates" tab.  Enter a purchase price of $200,000 with 20% down and choose your credit score from the dropdown. 

Look at the lowest-priced and best-reviewed lenders and contact one and have your discussion with that lender.  This way, you will get the answers you want about how much you qualify for and when you decide to proceed, you have already spoken to a lender with a low rate and a top rating. 
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September 08 2013
 
Related Questions
what can i afford income of 2,748can i afford ahouse of twohundread thousand to threehundread thou
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Latest answer by George Raymondo
September 11 2013 | 4 answers
  • Asked by user17753705
  • In Mortgage
  • September 07 2013
Mortgage Rates
 
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