BEST ANSWER
FIRST ANSWER
As lending rates vary according to credit, employment, etc. a lender will be better able to tell you this than a Realtor. A safe rule of thumb is you can afford two times your annual income. Many lenders will say three times or more. As closing costs can be quite expensive, it would also depend if you would have closing cost assistance from a Seller or if you had to pay all. Closing costs could eat up half or more of your $15,000 down payment funds.
If you are planning to buy in Polk County (Lakeland-Winter Haven) and will contact me, I will be glad to give you the names of several reputable lenders in this area.
Carol Ann Sargeant
H & M Realty of Polk County
CarolAnn@H-MRealty.com
Sun Nov 9 2008, 05:49
Fair Housing and Equal Opportunity