"On an $80k salary with zero current debts and a 20% down payment, homes valued at $325,000 and below become realistic options to consider."
"Credit scores play a vital role in determining how much one can borrow. Higher scores qualify for better rates and more options in lenders."
An $80k salary allows for home purchases of approximately $325,000 when making a 20% down payment and maintaining a 36% debt-to-income ratio. Factors like credit score, down payment amount, debt-to-income ratio, current interest rates, desired location, and property condition significantly influence home affordability. A higher credit score can lead to lower interest rates and better lender options. Those with lower scores still have options to improve and save on potential interest payments.
Read at Redfin | Real Estate Tips for Home Buying, Selling & More
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