Is a 500k house too steep to afford for someone that makes 35-40k a year?

18 Answers

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  • 1 month ago
    Best answer

    Where is that house? Is it 500k Rupees? Groats?

  • 4 weeks ago

    WAY to steep. Most lenders won't even look at someone who makes only 34-40k a year. That is very, very low. It usually will NOT qualify you to buy a house, any house. Even a modest house. And certainly not one that costs $500k.

  • Anonymous
    1 month ago

    Your maximum would be around 120 to 150K.  Anyone stupid enough to ask this question does not need a house to take care of yet.

  • Eva
    Lv 4
    1 month ago

    Of course it is. Doubt you could afford a $2500-$3000 a month mortgage payment not to mention taxes, insurance, utilities, and maintenance.

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  • Anonymous
    1 month ago

    Yes, I'm sorry it is too steep if that's all you make.

  • 1 month ago

    That depends on a variety of factors, like: How much can you put down? How many dependents do you have? What are your monthly expenses not including rent? Give me those answers, and I'll help you determine if you can afford it.

  • mokrie
    Lv 7
    1 month ago

    You can't even buy a 150k house.

  • Judy
    Lv 7
    1 month ago

    Uh, yes, unless you have about $400,000 to put for a down payment.

  • 1 month ago

    Yes, it is...........

  • 1 month ago

    Not if you have $400k to put down on it.  Otherwise, probably, no bank would lend you that much.

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