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- November 15, 2012 at 7:55 pm #391567
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?
To clarify when I said I have no outstanding debt, I mean I do not owe any money to anyone. My car is paid off in full, all of my credit cards have a zero balance, and I have no open loans. I’ve also never been late on any payments.
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