Can I afford a 300,000 home ifi I only make 45,000?

Maybe. It really depends on your current debt, credit score and loan program. With a $45,000 annual gross income, your monthly would be $3,750.00. Most programs will allow you to have a housing payment of around 30-35% of this number (This is called your housing DTI) and a total debt (called total DTI) at around 45%-50% of income. 35% of $3,750 per month is around $1,312. Payment on a $240,000 30 year fixed rate loan with a note rate of 3.00% would be around $1,010 plus 1/12 of your annual property taxes, and Hazard Insurance and the monthly HOA dues (if in an Association). If the taxes and insurance and HOA total around $300 per month and you had little to no other debt, you might qualify. To know for sure, you will want to speak directly with a licensed Mortgage Broker. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ At NEXA, we've got you covered. We are licensed in all states except MA and NY and we are pending approval in VA, so give us a call. ~ www.ApplyYes.com 480-889-9000.

The cheating quick math is that if you have very little to no other debt, you can typically buy a home up to 4.5 times your yearly income. So $45k x 4.5 = $202,500 LOAN AMOUNT. There are plenty of variable to this, but it gets you quickly in the ballpark that $300,000 minus 20% down is a $260,000 loan. This might be a bit too high, but the ONLY WAY to officially know is to apply. I lend in North Dakota, MN , WI, IA, and SD. Apply at JoeMetzler.com/application - Cambria Mortgage, NMLS 274132