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A person who makes $50,000 a year might be able to afford a house worth anywhere from **$180,000 to nearly $300,000**. That's because salary isn't the only variable that determines your home buying budget. You also have to consider your credit score, current debts, mortgage rates, and many other factors.

I make $55,000 a year. How much house can I afford? You can afford **a $187,000 house**.

A $250k mortgage with a 4.5% interest rate for 30 years and a $10k down-payment will require an **annual income of $63,868** to qualify for the loan. You can calculate for even more variations in these parameters with our Mortgage Required Income Calculator.

A person who makes $50,000 a year might be able to afford a house worth anywhere **from $180,000 to nearly $300,000**. That's because salary isn't the only variable that determines your home buying budget. You also have to consider your credit score, current debts, mortgage rates, and many other factors.

SC Housing Homebuyer Program

Borrower requirements: 3 percent down payment for conventional loan; 3.5 percent down payment for FHA loan; no down payment required for VA or USDA loan. 640 minimum credit score for conventional, VA and USDA loan; **620 minimum credit score for FHA loan**.

I make $65,000 a year. How much house can I afford? You can afford **a $221,000 house**.

As we stated earlier if you are able to make $55,000 a year, that is a decent salary. You are making more money than the minimum wage and almost double in many cities. While **55000 is a good salary starting out in your working years**.

According to the guidelines issued by the Reserve Bank of India (RBI), the LTV ratio for home loans can go **up to 90% of the property value** for loan amounts of Rs. 30 lakh and below.

Loan to value: Banks generally keep a buffer when funding; this is to recover the loan amount during the time of a default. Therefore, you will be sanctioned a home loan of **up to 90 percent or less** on the property even if you are eligible for a higher amount.

When looking at how much $55,000 a year is biweekly in your paycheck, you simply need to calculate how much you would earn over every two weeks. If you assume a full-time position with no overtime and exactly 40 hours per week, then you would earn $55,000 / 26 bi-weekly pay periods = **$2,115.38 per biweekly paycheck**.

If you make $58,000 per year, your hourly salary would be **$29.74**. This result is obtained by multiplying your base salary by the amount of hours, week, and months you work in a year, assuming you work 37.5 hours a week.

The median necessary living wage across the entire US is **$67,690**. The state with the lowest annual living wage is Mississippi, with $58,321. The state with the highest living wage is Hawaii, with $136,437.

The usual rule of thumb is that you can afford a mortgage two to 2.5 times your annual income. That's a **$120,000 to $150,000 mortgage at** $60,000.

So if you earn $70,000 a year, you should be able to spend **at least $1,692 a month** — and up to $2,391 a month — in the form of either rent or mortgage payments.

This means that to afford a $300,000 house, you'd need **$60,000**.

If you want to calculate this based on a standard full-time work week, or 40 hours per week, 52 weeks per year, you'd need to divide $50,000 by 2,080 hours (40 * 52). If this is your measure, this comes to **$24.04 per hour**.

50 years old: Most lenders will allow you to borrow but some may decline your application due to your age. 55 years old: **Almost all lenders will require a written exit strategy, evidence of your superannuation** and other assets that can be sold to repay the proposed debt.

Here taking a salary as ₹ 35k, & without any fixed monthly obligation, you can pay a maximum of ₹ 17,500 as EMI considering 50% FOIR. If the interest rate is 10% per annum, the loan amount eligibility can be arrived at **₹ 20,46,586** using a home loan eligibility calculator (assuming 3 household members).

**Mortgage lenders are not allowed to use age** as a factor for denying borrowers a mortgage loan. Thank the Equal Credit Opportunity Act for this; the federal law prohibits discrimination based on everything from a borrower's age to that person's race, color, or national origin.