Can I find out how much home I can afford based on my salary?
I am planning on buying a home in the downtown Dallas area. I have great credit scores and only a car payment monthly on my credit reports. How much of a loan can I get with my $120k a year salary? I have saved up for a 10% down payment, is this enough? I know I should get pre qualified but I want to know the price range of homes I should be looking at beforehand. by hager841 from Dallas, Texas. Jul 12th 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
The only true answer is to get pre-approved by completing a full loan application with a local mortgage broker. A huge part of that process is to ask the very question you are asking... What can you afford. With that said, the quick and easy answer is you can typically afford a home loan about 4 times your yearly income. I'm a mortgage lender for properties in Minnesota, Wisconsin, Iowa, North Dakota, and South Dakota. Find me at JoeMetzler.com - Cambria Mortgage, NMLS 274132
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