Safe debt guidelines: If you make $50,000 a year, your total yearly housing costs should ideally be no more than $14,000, or $1,167 a month. If you make $120,000 a year, you can go up to $33,600 a year, or $2,800 a month—as long as your other debts don’t push you beyond the 36 percent mark.
How much house can I get for $500 a month?
How much mortgage can I get for $500 a month?
With a total monthly payment of $500 every month for a loan term of 20 years and an interest rate of 4%, you can get a mortgage worth $72,55 Of course, this value might vary slightly, depending on the percentages of property tax and home insurance.
How much of a home loan can I get with a 720 credit score?
You can borrow anywhere from $50,000 to $100,000 or more with a 720 credit score. However, the exact amount of money you’ll get approved for will depend on other factors in addition to your credit score, such as your income, employment status, the type of loan you’re applying for, and even the lender you choose.
What credit score do you need to buy a 500k house?
What credit score is needed to buy a house?
For most loan types, the credit score needed to buy a house is at least 620.
However, a higher score significantly improves your chances of approval.
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How much can I borrow with a 800 credit score?
You can borrow over $100,000 with an 800 credit score if you get a mortgage or a home equity loan. Keep in mind, the exact amount of money you will get depends on other factors in addition to your credit score, such as your income, your employment status and even the lender.
If you have an 800 credit score, you may be able to borrow over $100,000 through a mortgage or home equity loan. However, the exact amount you’ll be able to borrow will depend on other factors as well, such as your income, employment status, and the lender you use.
I’m Brendan Rivers, and I love all things real estate. I live in sunny Los Angeles and work as a real estate expert. I enjoy helping people find their dream home, and I love everything about the process of buying and selling property.
I’m originally from Boston, and I love spending time with my family and friends there. When I’m not working or hanging out with loved ones, you can usually find me at the beach or exploring new parts of LA.