“My wife and I currently own a 3-bedroom condo in Mission Valley and we really want a house with a nice yard and a garage. Our condo should sell for about $425,000 now, netting us $210,000. How much house can we afford to buy?”
***ANSWER:
Down payment is but one factor in determining the maximum home price you qualify for. Others are your credit score and possibly your income (there are loans where lenders don’t care about your income.).
And of course, another big factor is what payment you’re comfortable with.
I suggest that you and your wife talk with our preferred lender. He’ll give you specific answers, along with several options. Call me at (858)457-KENT and I’ll put you two in touch.
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