Asked by Zg, South East, Sacramento, CA • Sat Jul 12, 2008
I have a question about front and back end ratios in high cost markets. I am hoping to be a first time buyer in 2009 and I know that generally there are some guidelines for lending based on these ratios. With a moderate home costing 400K how can a first time buyer in expensive markets such as Southern California meet those ratios? I am an engineer and have an excellent job/salary but based on the ratios it is not good enough. Without broadcasting too much of my financial information I can say my only debt is my student loan and the payment is minimal at $130/mo. Thanks!
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