Friday, July 8, 2011

How much $$ can we qualify for in a home loan?

My fiance and I are going to be moving to Albuquerque, NM in a few months, and I have been looking at homes online. My fiance is currently in graduate school at Cornell, and the job he will have when we move is paying for tuition, so we don't have any school loans to pay for. His new job will be paying about 90K a year, and we are waiting to actually apply for our home loan once he starts getting pay stubs. What I would love to know is a ballpark figure of how much we could be approved for, so I don't fall in love with a house online that we definitely can't afford. I've been trying to stay under 200 grand. Is that reasonable?

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