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Currently I'm sharing a room with a roommate but I am looking into buying a house of my own. The recent slump in the housing market has further encouraged me in considering buying. However, here is my issue.

I'm presently earning around $76000 a year
Paying rent for $1500 a month
Gas and food $750
Total monthly payments on credit cards $875
Credit score is around 635

My question is, can I afford a house with this income? Would I qualify for a mortgage? If so then for what amount and if not, then what I can do to better my chances to get one.

By the way, I also have two sixty days late reported in my credit report.
Hope you guys can help me.

Where are you and what are the housing prices going for?

Sub: #1 posted on Sat, 01/02/2010 - 05:14

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(Posts: 17319 | Credits: )

Thanks Soaplady for the prompt reply.

I'm in IL and the average market price for real estate in this area is around $1,52,000 give and take few thousand dollars.

Sub: #2 posted on Mon, 01/04/2010 - 02:23


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