Quote:
Originally Posted by JSALES
Under the new mortgage stress test, do you basically need a 100k salary to afford a 500k condo? Is that the rough estimate?
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Went through this whole process recently. You need approximately $90k salary for roughly a $400k mortgage over 25/30yrs, assuming good credit and no outstanding debts. Plus your $100k(20%) downpayment for a $500k condo.