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I have about a 680 credit score,can put down $50,000 on a foreclosed house for $215,000. I make about $45000 before taxes yearly,and looking to purchase a home on my own. Is it realistic that I would be approved? I have no debt besides maybe $100 between a visa and a target card,and my truck is paid for. I'm improved my credit from the past but never had a bankruptcy or anything.Your correct with the mortgage amount I'd be approved for with my income. Most of the calculators come up between $135,000-$150,000. The thing about going for a cheaper priced house than $215000 is that on Long Island,that's cheap for Nassau County.
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Just based on the info you gave me its likely that you could be approved for that much. Of course I'd need more info to be absolutely sure.
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