A $200k salary allows homebuyers to look at properties valued at $820,000 or below if they have zero debts, a 20% down payment, and a 36% debt-to-income ratio. Several factors impact affordability, including credit score, down payment capacity, debt-to-income ratio, interest rates, location, and the home’s condition. Buyers with excellent credit qualify for better rates, while those with lower scores face higher interest rates and more difficulty securing mortgages. Improving one's credit score can significantly affect future affordability.
With a $200k salary and no current debts, buyers can afford homes valued at $820,000 and below, given a 20% down payment and a 36% debt-to-income ratio.
The factors affecting home affordability include credit score, down payment size, debt-to-income ratio, current interest rates, desired location, and the condition of the house.
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