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CreditJunky

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I am wanting to buy a new home in L.A., California. I have no clue how much I could potentially borrow. I make ~54K / YR. My middle score is 642. And the only debts I have are two students loans. One that I pay monthly ($209) and another paid quarterly ($174). I have about $50,000 for a down payment. I also have my brother that is a homeowner, that wants to buy a second home and help me out at the same time(potentially more down). His income is approx. $100,000/YR. His middle score is in the high 700's. What is the most we could qualify for and what kind of rates are we looking at (30 YR fixed)?

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What price range of homes are you wanting to buy. In your market, I know that prices are on the high side, but to answer your question, that would help to know what you have been looking at.

Charles

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Yeah - good luck - for $400K - you had better start looking in the Antelope Valley - I couldnt find anything (Single Family Home) worth moving into in the San Fernando Valley for that price.

Charles Asked if I had indoor plumbing when I told him my CA house was $390K - LOL!

G' Luck

SomeoneYouKnow

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condo.........450K+(this is in the Alhambra, CA area) We can probably afford about $2800/month. $1400 from me and $1400 from my bro. That leaves my D/I ratio right around 31%. Not counting my two previously stated student loans. I am an Engineer at the entry level, and expect my income to double within 5 yrs, and that is a very conservative outlook, considering the trend and need in SoCal.

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