An $80k salary allows for home purchases of approximately $325,000 when making a 20% down payment and maintaining a 36% debt-to-income ratio. Factors like credit score, down payment amount, debt-to-income ratio, current interest rates, desired location, and property condition significantly influence home affordability. A higher credit score can lead to lower interest rates and better lender options. Those with lower scores still have options to improve and save on potential interest payments.
On an $80k salary with zero current debts and a 20% down payment, homes valued at $325,000 and below become realistic options to consider.
Credit scores play a vital role in determining how much one can borrow. Higher scores qualify for better rates and more options in lenders.
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