Asked by Tasha, 91761 • Mon Dec 24, 2007
I am a first time home buyer. I make about $60,000/ year. I have no debt (No car pymnt, and my credit cards are all paid off. I have however left my credit card accounts open, so I have about $10,000-$15,000 open on my credit cards) The only debt I have is car insurance & a cell phone bill(About $350/mnth). My credit score is 750. It may be higher now b/c that was my score before I'd paid off my car and credit cards. How much do you believe I will qualify for in a home loan? I am looking in the Los Angeles area. I have gone on various sites where you can plug in your info and it will give you an estimate of how much you can afford. However, every site I've gone on has given me different amounts. I'd heard somewhere that one can qualify for a home loan 3 times their annual salary. If this is true then I would only qualify for a loan of $180,000? Not realistic in Los Angeles!!! I have not sat down w/a lender yet b/c I am not ready to buy. I do want to purchase a home by summer of 08'.
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