Submitted by Expired_Water t3_yiltyb in personalfinance
jgomez916 t1_iujn2d1 wrote
Reply to comment by Expired_Water in buying a home and becoming independent by Expired_Water
Yes w larger down payment would be better and a purchase price of $90k to $120k would be better.
On $30k you max PITI is only $1,250 for a mortgage
$30k/12 months $2,500 gross monthly
$2,500x .50% is $1,250 the max mortgage payment you will get approved for on $30k salary and $0/monthly debt.
A big down payment will help but lenders use your salary in the math equation to pre-approve you.
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