For someone earning $57K with a 3.5% downpayment using FHA or SONYMA, what would be the maximum loan amount?

My credit score is 620 and I have a student loan I pay $28 a month for. (the total is 4k)

I have no chance of buying a home do I? Most of the home range from 300-350K upstate.

Thanks for any assistance you can provide.

2 Answers

  • Anonymous
    1 decade ago
    Favorite Answer

    ballpark maximum is 2.5-3 times your annual salary,s o any house more than $160k is out of your range and with that credit score, your int rate is going to be high, making monthly payments even higher

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  • Judy
    Lv 7
    1 decade ago

    Not at $300-350K, even if you had a good credit score.

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