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I was making $80k when I bought my house and was shocked when my bank told me I could buy a $450k home. I bought something for $260k instead.
by babypuncher 4y ago
I was making $80k when I bought my house and was shocked when my bank told me I could buy a $450k home. I bought something for $260k instead.
- giantg2 4y agoThat was my situation as well.
- TuringNYC 4y agoThis doesnt tell the whole picture and it isnt that simple. The lender is looking at your total carry costs for the home (property taxes, insurance, debt service), your non-home recurring costs (e.g., student loans, medical debt on monthly payment schemes, car payments) and your total income. They dont usually care about wealth, they care about cashflows in vs out.
- babypuncher 4y agoI had no other debt apart from a $15k auto loan and <$500 balance on my credit card, and $450k still felt like an enormous stretch. I was also only going in with 3% down.