LogFAQs > #979386045

emblem-man posted...

Would you even get qualified for a 300k loan at a 50k income?

I don't believe you can use "renting out spare bedrooms" as a way to get qualified either.

Case by case basis obviously, but I can speak through personal experience the answer is yes.

Closed on my house 2 years ago. 330k, on a 55k salary. I had 0 debt at the time, not even a car note since I paid the sucker off a year prior. I also had a savings of about 30k since I was living with my parents at the time. Nice credit, and interest rate is 6%. Mortgage is 2.3k a month with a credible bank.

I didnt struggle at all to afford it when I was on the 55k budget. I was even saving up again a nest egg. Also still able to splurge on going on date nights (although not as much.)

So I'd argue it's possible on a case by case basis. Everybody's situation is not as lucky as I was which allowed me to do it on a 55k budget.

Now full disclosure, I make way more than 55k now, and I also rent out my extra 2 rooms to a couple/friends..., but the point is I closed on the house at 55k and I gave the bank no indication extra income was foreshadowed at the time.