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Expired_Water OP t1_iujmv5o wrote

Reply to comment by jgomez916 in buying a home and becoming independent by Expired_Water

Would a larger down payment be better? I might be able to find a home around 150k several towns over. Thank you.

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jgomez916 t1_iujn2d1 wrote

Yes w larger down payment would be better and a purchase price of $90k to $120k would be better.

On $30k you max PITI is only $1,250 for a mortgage

$30k/12 months $2,500 gross monthly

$2,500x .50% is $1,250 the max mortgage payment you will get approved for on $30k salary and $0/monthly debt.

A big down payment will help but lenders use your salary in the math equation to pre-approve you.

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