Quick question about buying home i'll give 10pts?

I want to buy a house, and my income is around 120k a year. I also have my own down payment of 150k. If i was to use my own down payment, and then still take a loan of say 120k would i be able to afford say a house of 700-850k house?Quick question about buying home i'll give 10pts?
No, I don't think so, as the $120k loan will be creditted against you when they do the calculations.





That said, there are some mortgage lenders who will lend you 5 times your income (clearly they have not learned their lesson), so you could get $600k, plus your $150k, which gives you a purchasing power of $750k.





Look at other debts you have, they will all be creditted against what you can borrow, have you ever been a bankrupt etcQuick question about buying home i'll give 10pts?
You should be buying a home closer to the 300K price range.


That way you can pay it off and live debt free by age 40.


That is our goal - it should be everyones goal.


Then... you start socking it away for retirement and kids college.





Google retirement calculators


Charles Schwab and Fidelity Investments have excellent ones.





Also, paying off a home is a great way to hide money for when your kids go off to college. With lower savings, your kids could get a free ride.


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I am missing something; down payment $150,000 + loan $120,000 = $270,000, what's the 700-850k got to do with this question?





Do you have other debt?





Keep mortgage loan payments (and other debt) below 36% of income.





$600,000 loan at 5.5%, 30-year term is $3400./month
Possibly - but don't do so. That's way too much debt to take on, even with a six-figure income.