promotion image of download ymail app
Promoted

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

17 Answers

Relevance
  • 8 months ago
    Favourite answer

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

    • Commenter avatarLog in to reply to the answers
  • 7 months 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.

    • Commenter avatarLog in to reply to the answers
  • Anonymous
    8 months 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.

    • Commenter avatarLog in to reply to the answers
  • Eva
    Lv 5
    8 months ago

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

    • Commenter avatarLog in to reply to the answers
  • What do you think of the answers? You can sign in to give your opinion on the answer.
  • Anonymous
    8 months ago

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

    • Commenter avatarLog in to reply to the answers
  • 8 months 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.

    • Commenter avatarLog in to reply to the answers
  • mokrie
    Lv 7
    8 months ago

    You can't even buy a 150k house.

    • Commenter avatarLog in to reply to the answers
  • Judy
    Lv 7
    8 months ago

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

    • Commenter avatarLog in to reply to the answers
  • 8 months ago

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

    • Commenter avatarLog in to reply to the answers
  • 8 months ago

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

    • Commenter avatarLog in to reply to the answers
Still have questions? Get answers by asking now.