What The Price For Emerald Park Condo?

If I have $50,000 to use as a down payment for a condo in San Diego what is the highest price I can go to?

• I mean I have my eyes on a $156,800 condo but i'd like to go a little higher.. I'm willing to take a 15 year committment fixed loan on whatever condo I choose, but rather then pay rent i'd like to just pay into it instead. So I have 50,000 like I said as a downpayment but i'd only like to have to spend $900-$1200 max a month as the rate..what price of a condo can I get? Can I up it to possibly $300,000-$350,000?

• Answer:

  the amount you can borrow has nothing to do with your downpayment, it's based on your income, your debt to income ratio, and your credit history. If you have $50K for a downpayment, you would need $100K-$125K annual earnings to be able to purchase a $350K property. To purchase a $156K property, with the $50K downpayment, you would need somewhere around $35K in annual earnings.