Question
Saul and Kim are buying a home in beautiful Albuquerque, NM and can afford a monthly payment of $2,000. Saul has terrible credit with a
Saul and Kim are buying a home in beautiful Albuquerque, NM and can afford a monthly payment of $2,000. Saul has terrible credit with a bit of a shady history including bankruptcies and delinquenicies (as Slippin' Jimmy). Kim, however; has excellent credit with a 780 FICO allowing saul and Kim to secure a mortgage at 2.5% APR. Saul's friend, Tony S., has provided Saul and Kim a gift of $50,000 for a downpayment. Based on all of this, what is the maximum priced home Saul and Kim can afford (assume no property tax, insurance or other fees)?
$486K | ||
$536K | ||
$506K | ||
$556K |
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